What exactly are “disbursements” when it comes to a real estate transaction?

On top of the legal fees, GST and PST that are paid when you complete a real estate purchase or sale, there are also “disbursements” that are charged. Disbursements are costs that are paid out-of-pocket by your notary public or lawyer on your behalf in connection with your real estate transaction.  Disbursements usually include the cost of land title…

How does the new Additional Property Transfer Tax on Residential Properties for Foreign Entities in the GVRD affect me?

You would think that if you are a Canadian citizen or permanent resident it doesn’t, or if you are a non-resident purchasing outside the GVRD it doesn’t.  EXCEPT along with the new 15% tax on residential properties for foreign entities, there are now new requirements where transactions involve Canadian citizens and permanent residents with respect to their identity.  Their identity…

Q. I keep hearing about these “Representation Agreements” but my understanding is that because my husband and I already have Enduring Powers of Attorney, Representation Agreements are not required. Is that not the case?

A.  Absolutely not!  Powers of Attorney, enduring or otherwise, are for legal and financial matters only.  If your intention is to appoint someone to be able to make health and/or personal care decisions for you, the only way to do that in British Columbia is to appoint them under a Representation Agreement.  

Did you know that you can still claim a Home Owner Grant for your principal residence even if you work out of Province?

If you received the home owner grant for the property last year, you occupied the property as your principal residence right before your absence, you plan to re-occupy the property as your principal residence when you return, the property isn’t for sale or rented while you’re away and the property is vacant while you’re away,…