Blog by Andrew Peck

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"Have the number of building permits been affected by the market downturn?"

March 6th, 2009

"Have the number of building permits been affected by the market downturn?"

Building permits are typically a bellwether of market activity and for the Lower Mainland Southwest Region permit values dropped 48% to $191.9 million in December compared to November 2008. (the most recent numbers issued by Statistics Canada).  

Total non-residential permits declined 42% to $111.8 million compared ...

"How and where I can help my client to appeal?"

March 6th, 2009

"How and where I can help my client to appeal?"

"I assisted my client to purchase a house about 5 months ago and also have a listing to sell their townhouse. They have already moved into the house and the townhouse is now vacant.  Since the market is slowing down, the townhouse is still on the market which is causing my clients great financial difficulty. The complex has 9 units and is self- ...

"Where do we get title insurance?"

March 6th, 2009

"Where do we get title insurance?"

"Several of our REALTORS have asked about recent reporting in the Vancouver Sun that owners titles are at risk to fraud artists. The original article appeared in the June 20th Vancouver Sun with a follow up on June 26th. Many of you have asked where you should direct your clients to get title insurance. Before you direct your clients to title insurance you ...

"What is your role as a Realtor?"

March 6th, 2009

"What is your role as a Realtor?"

This inquiry came to me from a consumer. The question is relevant to all Realtors and really underlines the importance of understanding your role as a fiduciary under the law of agency. Those who have not taken the mandatory agency course will learn that narrowing the scope of work as a buyer's agent through careful qualifying will reveal the buyer's expecta ...

"May I be a double agent on an expired listing?"

March 6th, 2009

"May I be a double agent on an expired listing?"

"I had an existing client call me and asked me to write a deal on a property. My client gave me the owner’s phone number. I called the owner asked if the property is listed; he indicated it had been listed for quite awhile, but it was expired now. Am I obligated to go through the former listing agent or should I go ahead and double end it...if s ...

"Can a buyer decline a deal with a subject clause?"

March 6th, 2009

"Can a buyer decline a deal with a subject clause?"

"I received a call from the buyer’s agent on an accepted contract informing me that his people are "walking" from the deal because they have decided that they need a garage. This was NOT a subject. Is there anything I can do?"

There are a couple of issues here. I have assumed that the contract did have a subject to inspection clause in it. ...

"What is a 'bandage repair' on a condo?"

March 6th, 2009

"What is a 'bandage repair' on a condo?" 

"What is a "bandage repair" on a condo? Another realtor told me it's a step down from rain screening, but what exactly is it and how reliable is the repair?"

Also known as a patch repair, it means that rather than removing the whole building exterior and replacing it, they identify the areas where there is rot and only repair those areas, that is to ...

"What is the Real Estate Fund Corp?"

March 6th, 2009

"What is the Real Estate Fund Corp?"

"What is the Real Estate Fund Corp that I paid $100.00 in my renewal?  I did not really understand what is that for."

Real estate companies used to carry bonding insurance on their trust account to protect trust money from going missing. At that time, the bond was for a maximum of $100,000 of missing money. When the new Real Estate Service Act came in a ...

"What form do I use for a half duplex?"

March 6th, 2009

"What form do I use for a half duplex?"

"I am selling my client a half duplex (strata titled). There is no strata council so do I use the strata form?"

Yes, you must use our standard contract of purchase and sale for strata properties. When there are only two owners in a strata property they are the strata council. The Standard Bylaws of all strata corporations are established in the Strata ...

"Is first time buyer exemption still eligible after profit taking on a flip?"

March 6th, 2009

"Is first time buyer exemption still eligible after profit taking on a flip?"

"My buyer has never owned real estate anywhere in the world so they are eligible for the first time buyer exemption on the PTT.  However they has asked if they enter into an agreement to purchase a property but then flip the contract to someone else for a profit and don’t actually become the new owner, will they lo ...

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