Real Estate Guide - Real Estate Resource Guide - Spring/Summer 2015

HOME BUYERSGUIDE 2015

SPRING / SUMMER

2 SPRING / SUMMER HOME BUYERS GUIDE

604.820.1456101 – 7057 Beatty Dr, Mission

between Lordco & Rail Crossing

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THE ABBOTSFORD NEWS / MISSION RECORD 3

In February, sales of all property types in

the Fraser Valley increased by 21 per cent

in one year with demand for two property

types in particular - single family detached

homes and townhomes - outpacing sup-

ply.

The Fraser Valley Real Estate Board

(FVREB) processed 1,337 sales on the Mul-

tiple Listing Service compared to 1,102

sales in February of last year. New listings

in February totaled 2,610 which added up

to 7,864 active listings, up from January’s

7,307 but a decrease of 4 per cent com-

pared to February 2014’s 8,210 active list-

ings.

“It was our busiest February since 2007,”

says FVREB president Jorda Maisey. “In my

community of Langley, the average num-

ber of days to sell a detached home is now

less than one month and it’s a challenge

fi nding the right product for some of our

buyers, however every area is diff erent. To

understand the market for your home in

your neighbourhood, talk to your realtor.”

A measurement the real estate industry

relies on to gauge the health of the hous-

ing market is the ratio between sales and

active listings. For the Lower Mainland,

the balanced range is between 12 and 20

per cent; which means when it’s less than

12 it favours buyers and greater than 20

it favours sellers. The ratio in February for

single family detached homes was 26 per

cent; townhomes 22 per cent and apart-

ments 12 per cent.

Maisey adds, “Our best seller in the

Fraser Valley remains the single family

detached home, followed by townhomes

in part because almost half our buyers are

families with children, but also because

these products are so much more aff ord-

able in the Fraser Valley. With a typical

townhome costing less than $300,000 and

interest rates so low, many fi rst-time buy-

ers are fi nding they can get more for their

money here.”

The MLS Home Price Index bench-

mark price of a Fraser Valley single fam-

ily detached home in February was

$581,400, an increase of 4.2 per cent

compared to February 2014 when it was

$558,100.

In February, the benchmark price of

townhouses was $297,200, a decrease of

0.6 per cent compared to $298,900 in Feb-

ruary 2014. The benchmark price of apart-

ments also decreased year-over-year by 1.8

per cent, going from $193,200 in February

2014 to $189,700 in February 2015.

Across Fraser Valley, the average number of

days to sell a single family detached home in

February was 41 days, ten days faster than last

year. Townhouses on average took 55 days to

sell; one day faster than last February, while Fra-

ser Valley apartments sold on average in 70 days,

on par with February 2014.

The FVREB is an association of 2,751 real estate

professionals who live and work in the commu-

nities of North Delta, Surrey, White Rock, Langley,

Abbotsford, and Mission.

Fraser Valley property sales

remain strong

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Each offi ce independently owned and operated. Not intended to cause breach of existing agency agreement.

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Remax Little OakEach offi ce independently

owned and operated.

Finding the right realtorFor most people, their homes

are their most valuable assets.

When you buy or sell property, it is

important you work with someone

you can trust to get the job done.

A realtor is a trained professional

who can help you through a prop-

erty transaction and educate you

throughout the process.

There are thousands of realtors

to choose from in the Fraser Valley

region. While they all would likely wel-

come you as a client, each realtor has a

diff erent personality and background.

Some may have many years of experi-

ence and specialize in detached homes

and commercial properties, while others

may like to work with the latest technology

and focus on condos and townhomes.

Always meet with a realtor and interview

several before selecting the one with whom

you would like to work. Learn how they do

business and which areas they specialize in.

Discuss your expectations. Pick someone that

best suits your needs.

All realtors are licensed under the Provin-

cial Real Estate Services Act. Search the Real

Estate Council of BC website (recbc.

ca) to make sure they are a member in

good standing. Any disciplinary action

against a member is also posted on this

site.

Here are some more tips on how to

fi nd a realtor:

• Ask friends and family for referrals.

Maybe there is someone they have

worked with and can recommend.

• Check out the websites of individual

realtors. Find out how many listings

they have and see if any of them catch

your eye.

• Visit a local real estate offi ce. Tell them

what you’re looking for and they can

fi nd a realtor to match you with.

• Ask the realtors you meet with for

references. Talk to their past clients

about their experience.

• Discuss numbers. If you’re selling your

home, how much commission does

the realtor want and how long are you

obligated to work with them?

• Take your time to fi nd the right realtor

you can work with.


Write YourSuccess Story

Helping You is What We DoCall Today For Your

FREE MARKET EVALUATION

SERVING MISSION, ABBOTSFORD AND THE CENTRAL FRASER VALLEY

Pat: [email protected]

Deb: [email protected]

33174 First Avenue, Mission | www.patvale.com

Wheeler Cheam

Secrets to a successful moveBusy moving season is right

around the corner. Summer is

the busiest time of year for pro-

fessional movers, but these tips

will make your transition much

smoother.

Moving companies usually

need plenty of notice (often at

least six weeks). Call them early if

you’re planning to use one.

Plan ahead. If you want to make

changes to your new home (like

paint a wall, or put in new fl oor-

ing), do it before you move in. That

way, your furniture and belong-

ings are not in the way.

Don’t bring things you don’t

need or want. Look through your

house for rarely used items and

discard anything that’s beyond

repair. Have a yard sale to get rid

of the rest and take unsold mer-

chandise to the charity of your

choice.

Make notes about your new

house (room/door measure-

ments and locations of electric/

cable/phone outlets) so you’ll

have a good idea about where

your belongings will go. Measure

appliances to make sure they

fi t the space available and that

you’re able to get all your furniture

through the doorways of your

new house.

If the previous homeowners are

taking their curtains and blinds,

you’ll want to measure windows

in places you want privacy imme-

diately (like bedrooms and bath-

rooms) and buy curtains or blinds

before you arrive.

Fill out a change of address

form at the post offi ce and start

arranging now for phone and util-

ity hookups. Phone companies

usually need a few days (or even

a week or more) to get you con-

nected. Arrange for the type of

internet connection you want and

order extra phone jacks or cable

outlets if you need them.

Gather packing material. Buy-

ing boxes and packing material can be

expensive. Instead, ask grocery stores,

electronics stores and offi ce supply

stores for their discarded boxes. Also,

invest in a tape gun and start saving

up newspapers (ask your friends for

theirs too) so you’ll have plenty of

packing material if you don’t want to

buy bubble wrap.

If you’re using a mover, be sure

to pack any small, nonbreakable,

valuable items (such as jewelry)

separately so you can take it with

you in your own car. Large valu-

able items, such as artwork or

electronics, should be clearly

noted on the mover’s inventory

form in case of damage during

transit and make sure you buy

insurance to cover any dam-

age that may occur.

Label your boxes. Write

down what’s in each box

and which room it should

be moved to. This will help

when you unpack in your

new home.




Heritage homes are full of char-

acter, but they are not the ideal

house for everyone to own.

The Fraser Valley Real Estate

Board advises homebuyers to do

their homework and consult with

a realtor to discuss whether own-

ing a heritage home is right for

them.

The FVREB also off ers the fol-

lowing points for you to consider

if you are thinking about purchas-

ing an historic home:

The contextAs a heritage home, your potential

new residence holds unique qual-

ities that establish it as a part of

your community’s history. As the

owner, you inherit the responsi-

bility of preserving those qualities

and, unlike owners of new homes,

you may be restricted in how you

choose to alter or upgrade its

design.

GrantsDepending on where you live in

the Fraser Valley, your municipal-

ity may off er grants in the support

of maintaining heritage buildings

or properties.

SustainabilityOne of the appeals of purchasing

and living in a heritage home is

that it’s more eco-friendly than

building new. Restoring an estab-

lished home requires less energy

Things to consider when buying a heritage home


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and materials, and produces less

waste than constructing a new

home from scratch.

Inspections and researchWhen purchasing a heritage home,

it’s important to be both prepared

and informed about your poten-

tial new residence before closing

the deal. Your realtor can refer you

to inspection agencies that will

ensure the home is safe and in liv-

able condition.

Old homes, old traitsBy their nature, heritage homes

are, to put it bluntly, old. And

along with the beautiful aspects

of age come the unfortunate

realities. In the case of this style

of home, those realities include

issues relating to heating and elec-

trical, drainage, waterproofi ng,

and more. Make sure you consult

the appropriate specialists who

can ensure that your potential

new home can be livable and safe.

Insuring a heritage homeAnother characteristic that sepa-

rates heritage homes from regu-

lar homes is how they’re insured.

Heritage homes are risky for insur-

ance companies to take on due to

their nature as aged buildings that

include many quality unknowns.

Often, this will mean insuring

your heritage home will be more

expensive.

Up to codeThe BC Building Code is a regula-

tion that sets minimum provisions

respecting the safety of buildings

with a reference to public health,

fi re protection and structural suffi -

ciency. Your realtor will be able to

obtain a copy of the BC Building

Code and elaborate on the alter-

nate methods for complying with

the performance level intended

by the regulation.


Conrad Warkentin Michael Burke Kam Grewal

Providing legal services in the PrPrPrPrPrPPrPrPrrPrPrPrPrProvovovovovovovovovovovovovovididididididddididididdininininininininininininngggggggggggggg leleleleleleleeeeeeegagagagagagagagagagagagagagallllllll seseseseseseseseseseseseservrvrvrvrvrvrvrvrvrvrvrvicicicicicicicicicicicicccesesesesesesesesesesesese iiiiiiiiiinnnnnnnnnnnn thththhththththtththththeeeeeeeeeeeeeFraser Valley for over 50 years. PPrPrrrPrrovovovoovovovididididddiddinininnniningggggggggggg leleleelelegagagagagggggagagg llllll sesseseseeses rvrrvrvrvrviciciciccicci eseseseseses iiiiiiinnnnnn thhththththhhtheeeeeeFrFrFrrrrFrasasasasasasasasasasasasasa ereeeeerrereereree VVVVVVVVVVValaalalalaalaalaaaalleleeeeeleeeeeleey yyyyyyyyyy foofofofoofofofoooorrr ovovovovovovovovovovovovo ererereerereereeree 55555555555550 0000000000000 yeyeyeyeyeyeyeyeyeyeyeyeearararararararaaraaara s.s.s.s.ss.s.s.s.ss.s.s.FrFrFrFrFrFrFrrrrrF asasasasasasasasasssererererererererererere VVVVVVVVVVVValalallalallalalala leleleleleleleleeeeyyyyyyyyyyy fofofofofofofoffoffoffoorrrrrrrrrr ovovovovovovovovovovovoverererererererreereee 5555555550000000000 yeyeyeyeyeyeyeyeyeyeeyearararararararararrrrssssssssssfofofofofooooofoor rrrrrr ovoovovooovovovoo

Our experienced lawyers are ready to assist you with the following matters: o Buying and selling real estate

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33832 South Fraser Way Abbotsford, B.C. V2S 2C5

(604) 859-7171

www.rosborough.com(604) 859-7171

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BC and Canadian

Real Estate websites to know

Purchasing a home will likely be the most

important buying decision you’ll ever have to

make so it is important to do your own research,

understand your rights and fi nd professionals

that you are most comfortable working with.

Consumers today have access to scores of infor-

mation that can help them fi nd a property, a

realtor and connect all the dots in between.

If you’re deciding whether to buy or sell a home,

it’s critical that you understand and properly assess

your personal and fi nancial circumstances against

current housing opportunities.

The realtors of Canada and other real estate profes-

sionals have provided a wealth of information online

to help you understand what opportunities are out

there for you and your family to consider.

www.realtor.ca

Formerly mls.ca, this is the most comprehensive

and popular real estate listing website in the coun-

try.

In 2008, the Canadian Real Estate Association

rebranded and re-designed mls.ca to become real-

tor.ca. This change brought upgraded search func-

tions and capabilities, which provide a streamlined

experience for people using the site.

If you’re looking for a property in BC, you can

search by area or MLS® number. If you’re looking

for a realtor, you can search the province by name,


company or area of specialty.

www.abbotsfordrealestatereview.com

Stay apprised of current real estate listings, open

houses and recently sold properties by referring

to the online version of the Real Estate Review, as

published every Friday in The Abbotsford News

and Mission Record.

View the current and past issues listed by publica-

tion date, and all advertised websites are hyper-

linked to allow browsers to click through and fi nd

out more about the realtors’ listings.

For listings in the Chilliwack area, look at www.chil-

liwackrealestatereview.com.

www.rebgv.org

A wide-ranging, one-stop website for real estate

information. The Real Estate Board of Greater Van-

couver’s website off ers visitors a 360-degree look at

local real estate, providing detailed MLS® statistics,

monthly podcasts, consumer guidance and other

information and links related to local real estate.

On the site, you can track home prices in your area,

search for a realtor, read about government initia-

tives that impact local real estate, and learn about

the various cost-savings programs available for

homebuyers and sellers.

The site also features a wealth of consumer infor-

mation related to buying and selling a home, from

checklists and FAQ’s to market data and commu-

nity profi les. One of the most important measures

of home value in real estate is the MLS®Link Hous-

ing Price Index (HPI), and this website contains the

latest HPI data as well as a comprehensive break-

down of home values across the region.

www.fvreb.bc.ca

The Fraser Valley Real Estate Board serves the com-

munities of Mission, Abbotsford, Langley, North

Delta, Surrey and White Rock.

On this site, you can fi nd information on about

realtors and how they can help you sell your

home or search for a new one. There are also

property listings, maps of the communities,

and information about relocating to the Fra-

ser Valley.

www.recbc.ca

A site for consumer protection and

industry regulation.

The Real Estate Council of British

Columbia is the body responsible

for licensing and regulating REAL-

TORS® in BC. Their website con-

tains consumer protection information,

as well as information on how to become a

realtor.

One of the most important features of this

site is the Complaints and Discipline section,

which allows consumers to fi le complaints

against realtors and inform themselves

about recent disciplinary decisions.

Homelife Realtors are among the best informed and most professional in the province and across

Canada. They are more than capable of handling any question and concerns regarding our area.

WE ARE WITH YOU ALL THE WAY

ABBOTSFORD#360 - 3033 Immel Road,

Abbotsford, BC V2S 6S2

604.859.3141 or TF: 604.857.1098

MISSION#1 - 32540 Logan Avenue

Mission, BC V2V 6G3

604.826.2699

“No one treats you like the folks at Home”HOMELIFE GLENAYRE REALTY CO. LTD.

OUR REALTORS SPECIALIZE IN:

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HOMELIFE GLENAYRE REALTY CO. LTD.Offi ces in Abbotsford and Mission

Homelife Glenayre Realty Co. Ltd. was founded in Abbotsfordin 1977 followed by Mission in the 1980’s. The franchise was

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How technology is changing the home-buying experience

The future of buying and selling a home has

arrived with the use of 3D technology and vir-

tual reality. Imagine the ability to use a phone or

tablet to preview real estate before construction

is even complete, or walk through a new home

without leaving the comfort of your own?

Traditionally, the process of selling apartment

suites has relied on a sales centre to provide

display units, scale models and information to

potential buyers. Over the years there has been

little deviation from this brick and mortar mental-

ity, until now.

“While display homes are great for some, there’s

another larger audience of millennials who are

ready to embrace a new way of shopping for

homes,” says marketing director of Macdonald

Realty Platinum Project Marketing, Kiran Rai.

“3D technology is enhancing the experience of

buying a home by giving them a stronger visual

of what their home would like after construction.”

A new 35-storey highrise in Surrey – Evolve by

WestStone Group – is using the revolutionary

technology to give homebuyers the chance to go

“inside” the building before construction is even

complete. “In-Real Dimension” uses comput-

er-generated imagery and interactive 3D render-

ing to make it possible. Visitors can hold 3D fl oor

plans in their hands, manipulate the image, and

walk around inside virtual models of the highrise

and suites using an app on an Apple or Android

device.

“Our marketing materials, including our ads and

brochure all have scannable markers for the app,

which is free for download on the AppStore and

Google Play,” she says. “They can use the app any-

where, which extends the shopping experience

from our sales centre to their own home.”

All the augmented reality, 3D, and app technol-

ogy was designed and made possible by ThinAir

Technologies in Abbotsford.

“The real estate market hasn’t been very inno-

vative over the last 20 years,” says Jayson Noftle,

director of operations at ThinAir Technologies.

“When we saw the augmented reality technol-

ogy, we saw the potential to give homebuyers

an opportunity to preview a home, condo or

townhouse long before they could actually get in

there. This is the fi rst mobile presentation centre

of its kind in North America.”

With the downloadable technology, people any-

where can view the intricacies of the property

and building for sale. A day after the launch of

Evolve, the program was being downloaded all

over the world.

“For instance, 25 people in China downloaded it

and 12 in Russia – basically, people who would

have never experienced the launch otherwise,”

he says. “It allows us to get information farther

out there and it also allows the marketing staff

to learn about user habits by analyzing data, like

how much time someone spent looking at one

unit over another or if majority clicked on the


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option for walnut cabinets over the maple cabinets. We

can now understand when people are downloading, at

what location, and how long they are using the tech-

nology for.”

Noftle calls this the “competitive edge” that the real

estate market has been looking for, by allowing com-

panies to tweak their marketing strategies based on

buyer preference.

Clicking through photos or visiting a sales cen-

tre was once the most common way to gauge a

space. Now holograms and 3D technology have

changed that fl at experience by off ering a virtual

tour that gives homebuyers a better sense of

depth and design. The future of buying a home

is literally in your hands.

For more information on ThinAir Technologies,

visit thinairinc.com

‘Evolve’ by WestStone Group using 3D tech-

nology to sell high-rise apartment suites in

Surrey.

The App was created by ThinAir Technol-

ogies in Abbotsford and allows buyers to

hold, manipulate and walk inside a vir-

tual layout of the building.

<


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Your Personal RealtorYour Personal RealtorServing the Fraser Valley for over 20 yearsServing the Fraser Valley for over 20 years

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Knowing what’s affordable and available to youMany people would like to start building

equity in their own home, but concerns

about cost hold them back. Media reports

of housing prices can give a misleading

impression about the cost of home-own-

ership. The media typically reports median

or average prices without explaining what

those terms really mean.

A median price is the price at which half

the homes sold for more while half sold

for less. That means that there are just as

many homes that sold at a price lower than

the median than those that sold at prices

higher than the median price. Therefore,

many properties are sold at much lower - or

much higher - prices than the median price.

An average price is the total value of homes

sold during a particular period, divided by

the number of units sold. Average prices are

typically reported for the sales activity in a

given area and only provide a snapshot of

past activity. Average prices of properties

sold in the past give a very limited indica-

tion of what housing inventory is priced at

today.

The Fraser Valley Real Estate Board was

the fi rst real estate board in Canada to

off er a housing price index (HPI) which

tracks the price of a typical, or bench-

mark property. HPI statistics can often

provide a new depth of interpretation

to average and median statistics. Ask a

Fraser Valley realtor for details.

Low mortgage rates combined with

aff ordability and selection have

made Fraser Valley communities

increasingly popular for buyers.

A realtor with experience in the

community in which you’re inter-

ested in buying can provide a

knowledgeable market analysis

and show you what is available

within your budget.

To view Fraser Valley proper-

ties for sale on the Multiple

Listing Service, point your

Internet web browser to

www.realtor.ca and contact

a Fraser Valley realtor.


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First impressions are lasting onesAre you thinking of

selling your home?

If you’re one of the

many homeowners

who choose this time

of year to move —

whether you’re trading

up or down, or simply

relocating — you’re

probably starting to pre-

pare your home for the

sale.

dure and there are no guarantees

that you’ll be able to recover all of

your costs.

Instead, try to determine what

types of minor cosmetic improve-

ments can be made, like general

cleaning, painting, fl oor refi n-

ishing, and so on. These projects

generally don’t require a lot of

capital and your home can be

greatly improved by them. Con-

sult with your realtor to see what

Before you become overwhelmed

by the task, it’s a good idea to

sit down and look at your home

objectively. An attractive, well-

kept home generally has a better

chance of selling a little faster.

If you haven’t made substantial

improvement or changes over the

years, it’s not a good idea to take

on major renovation projects sim-

ply to sell your home. This can be

an expensive and lengthy proce-

types of improvements make the

most sense.

Start with the outsideAn inviting exterior ensures that

potential buyers will inspect the

interior, so it’s important to keep

your lawn and hedges trimmed

and edged, the fl ower beds cul-

tivated, and your yard free and

clear of clutter. If you have any

loose siding or pavement, it’s


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a good idea to get these items

repaired.

Missing shingles should also be

replaced and loose shutters or

awnings secured. You may also

want to consider painting the

exterior of your home to spruce it

up a little. And if you have alumi-

num or vinyl siding or trim that’s

quite dirty, wash it yourself or hire

someone to power wash it.

If you have a garage, make sure

the door is clean, attractive and

in good working order. Also make

sure the inside of your garage

toilets, bathtubs and kitchen

appliances until they shine. If the

carpeting in your home looks

dirty or dingy, you may want to

rent a steam cleaner, or hire a pro-

fessional carpet cleaner. As well,

keep in mind that rooms that are

too cluttered will give the impres-

sion that they’re much smaller

than their true size. Try to create

a feeling of spaciousness when

conducting your spruce-up. Pack

away bulky or unused furniture

and make the best use of your

space. Now is the time to fi x the

cracked light-switch plates, bro-

doesn’t look too cluttered or

unorganized. Keep patios, walk-

ways and decks free of debris and

clutter.

The inside storyYou can do a lot on the inside of

your home as well without spend-

ing a great deal of money. Two

primary areas to keep in mind are

the kitchen and bathroom. Make

sure they’re clutter-free, bright

and spotless. This applies to

kitchen appliances as well, espe-

cially if you’re including them with

the sale of the home. Scrub sinks,

ken door handles, leaky faucets

and squeaky doors you’ve learned

to live with for years. Shabby cor-

ners and grubby entranceways

will benefi t from a fresh coat of

paint in a neutral colour - this is

not the time to start experiment-

ing with dramatic paint schemes.

Ask your realtor for his or her

checklist to better prepare you

for a showing or open house. By

following these relatively sim-

ple tips, you’ll feel proud of your

home and potential purchasers

are sure to appreciate its beauty.


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Homebuyers: The how

and why of home insurancebility up to certain limits, which pro-

tect the homeowner from being sued

if someone is injured on their prop-

erty. Expensive jewelry, art, instru-

ments or clothing might require addi-

tional coverage.

As a homeowner there are a lot of

questions to consider when it comes

to insurance: Is it necessary? How

important is it? What’s the right type

of insurance?

Owning a home is a huge fi nancial

commitment and it’s important to

understand how home insurance can

help protect such a large asset.

“Buying a home is the single largest

investment you will make in your

lifetime,” says Parm Oberoi, manager

Few people consider

the gravity of losing their

belongings in a disaster

until it has already hap-

pened, which is why it’s

important to ask yourself

“could you aff ord to lose it

all?”

While no one intends for acci-

dents to happen, they can and

do.

Basic homeowners policies

cover structural damage to a

house caused by incidents such

as fi re and extreme weather

conditions, or loss or damage of

personal property due to theft,

vandalism, and various other cir-

cumstances. Policies also cover lia-

at Charlesworth Insurance. “The

most common misconception when

it comes to home insurance is that

everything will be covered. It is not.”

Oberoi explains there are limits and

conditions that aff ect policies, all

of which can be discussed with an

agent to help ensure there is no issue

in the event of a loss.

“Another misconception is that house

insurance is expensive,” she says.

“Considering all the coverage that

is aff orded by an insurance policy, it

actually is very economical.”

Personal lines manager at Saxbee

Insurance, Amarjit Brar, mirrors those

sentiments, adding that an insurance

broker can refer an insurance com-


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pany with a good claims history or

a company more specifi c to an indi-

vidual’s needs, such as a home-based

business, daycare, etc.

“Information is vital,” she says “High-

end counters or fl ooring? A pool?

The more information you can give to

your insurance broker the better the

policy can be tailored to the individ-

ual’s needs.”

Awareness is key when it comes

to home insurance, and a certifi ed

insurance broker will be able to sim-

plify the process and explain any

exclusions and alternative insurance

options.

Insurance broker, Teresa Dyck at Lyle

Insurance says there are ways a per-

deductible, and some have specifi c

coverage that not all companies

off er.”

Dyke says there are many misconcep-

tions and questions when it comes

to home insurance, so the simple

answer is to speak with a qualifi ed

insurance broker who knows what

to look for, what questions to ask and

what the diff erences are between the

policies available.

“Insurance is there to cover those

losses that we just can’t aff ord to

cover by ourselves, to put us back to

where we were just before that fi re,

pipe break or break and enter hap-

pened,” she says. “Insurance not only

replaces lost and damaged items, it

helps with the additional costs that

son can also help with the process of

purchasing insurance.

“Come prepared with all the infor-

mation that is needed when buying

home insurance; details about the

home (building age, square footage,

type of fl ooring, updates to electrical,

plumbing, roof, heat, hot water tank).

If it’s a new purchase we need closing

date of purchase and move-in dates,

previous insurance information,

name of mortgage lender, just to

name a few,” she says.

“It’s important not to choose a pol-

icy based on price alone, because

the coverage provided by diff erent

insurance carriers can vary in areas

such as how much jewelry coverage

is automatically covered, earthquake

can be incurred

in clean-up, res-

toration, storage

and living else-

where, if you can‘t

live in your home,

while the repair takes

place.”

Saving a little money

now could mean los-

ing a lot more if some-

thing unexpected were

to happen.

If you’ve never consid-

ered home insurance,

consider instead the shock

of starting over without

coverage, and ask if it’s

worth the risk.


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Choosing a Lease vs. MortgageLeases

Usually leases are used more in com-

mercial transactions than in residen-

tial ones, but you may be a landlord or

a tenant who prefers to use a lease for

a specifi ed time period for any number

of reasons, including stability of tenure.

A commercial lease is very involved and

should be drawn up by a specialist in the

commercial fi eld and reviewed by a lawyer

for each party. A residential lease is less

complex and normally involves more than

a standard rental agreement with an outline

of the rules and regulations of the building

or complex, or expectations of the owner and

tenant above and beyond what the Residential

Tenancy Act sets out. If you have any doubts

about how to draw a lease or how to interpret

specifi c clauses, consult a lawyer or a realtor.

MortgagesMortgages come in a wide variety of formats,

depending on the lending institution. The buyer

should check that the document matches the

commitment letter they have signed outlining

the terms, including the interest rate, the term,

the amortization period, the prepayment privi-

lege (“penalty”), the options (if any) for increas-

ing the number of payments or making lump

sum payments, the assumability of the mort-

gage if the property is sold, and the portability

of the mortgage if the seller wishes to use it on

another property.

If you are a seller who is carrying fi nancing for

a buyer of your property, make sure that your

lawyer reviews the documents before you sign

them. If you are a buyer who is asking a seller

to carry fi nancing, make sure your own lawyer

reviews the documents as well. Many serious

issues may arise where the parties are unfamiliar

with the law concerning mortgage fi nancing.

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Documents

Real Estate Guide - Real Estate Resource Guide - Spring/Summer 2015