Leaseholds BC - Understanding a long term residential lease

Understanding a long term residential lease in BC Some residential properties in B.C. are long term leaseholds (leased housing) that can be bought and sold to the end of a contract. While commercial leaseholds are very common, residential leaseholds are not. This type of lease is not governed by the Residential Tenancy Act (unless the leasehold owner has rented out the unit) or the Strata Property Act. Freehold vs Leasehold A Freehold property is one where the purchaser legally owns both the property and the land in which the property sits. In the case of a leasehold, you only own your unit and the right to use the land. As a result, the price tag of a freehold property is significantly higher than that of a leasehold to reflect the difference in land ownership. Learn more by visiting the BC Government website link here: Leaseholds in BC Leasehold Lawyer Contacts: Robert GrahamLeague and Williams Law (250) 888-0002 https://www.leaguelaw.com/ Nav ParharInfinity Law(888) 385-6004 https://www.infinity-law.com/ Leasehold Mortgage Financing Contacts: Fernando Zilli Owner/Managing Broker Tribeca Mortgages DLC
(250) 896-0788 fernando@tribecamortgages.cawww.tribecamortgages.ca Terri McCambridgeMobile Mortgage Specialist at TD Canada Trust(250) 634-1632terri.mccambridge@td.com Jasvinder MahajanMortgage Specialist at BMO(250) 588-1313    

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Home Inspections and Depreciation Report Analysis Victoria BC

Unveiling the Foundation: The Crucial Role of Home Inspections in Real Estate Transactions In the intricate dance of buying real estate, there's a crucial step that often gets overlooked in the whirlwind of excitement and anticipation: the home inspection. It's the moment when the facade of a property gives way to reveal its true character, potentially saving buyers from future headaches and financial pitfalls. Home inspections serve as a shield, providing buyers with essential knowledge about the condition of their prospective investment. Let's delve into why these inspections are of paramount importance in the realm of real estate transactions. Unveiling Hidden Issues A home may appear flawless at first glance, but beneath the surface, there could be a myriad of concealed issues waiting to surface. From faulty electrical wiring to structural weaknesses, plumbing problems, or even mold infestations, a professional home inspection can uncover these hidden flaws. Identifying such issues early on empowers buyers to make informed decisions and negotiate repairs or price adjustments with the seller. Protecting Your Investment Purchasing a home is often the most significant financial investment individuals make in their lifetime. A comprehensive home inspection acts as an insurance policy, safeguarding this investment by ensuring that buyers aren't blindsided by unforeseen maintenance or repair costs down the road. It provides a clear picture of the property's condition, allowing buyers to budget appropriately and plan for future expenses. Negotiating Power Armed with the insights gleaned from a thorough home inspection, buyers are better equipped to negotiate with sellers. Whether it's requesting repairs or renegotiating the sale price to account for necessary fixes, having concrete evidence of a property's condition strengthens buyers' bargaining position. Sellers are more likely to accommodate reasonable requests when presented with a detailed inspection report, fostering a smoother and more equitable transaction for all parties involved. Peace of Mind Buying a home can be an emotionally charged experience, fraught with uncertainty and anxiety. A comprehensive home inspection provides peace of mind, offering reassurance to buyers that they're making a sound investment. Knowing the true condition of the property allows buyers to proceed with confidence, free from lingering doubts or second-guessing. Compliance and Safety Beyond mere aesthetics, a home must meet certain safety and regulatory standards to ensure the well-being of its occupants. A professional home inspection evaluates the property's compliance with building codes and safety regulations, flagging any areas of concern that may pose risks to occupants. Whether it's outdated electrical systems, insufficient insulation, or structural deficiencies, addressing these issues is paramount to creating a safe and comfortable living environment. Strata Depreciation Reports / Documents Depreciation Report Analysis can be done by Home Check Depreciation Report Analysis and Strata Document Review can be done by Condo Clear  Make sure whoever you hire is bonded, licensed and insured. Inspectors in the Greater Victoria Area, you may wish to consider: Home Inspector Association BC website to search for a Home Inspector. Russell Cass, ASTTBC Property Inspector(778) 351-1928Home Checkadmin@homecheckcanada.com Russ McCarthy (CPBC #47677)(250) 881-1086Barnes and Company Incadmin2@inspectionsvictoria.com James Par (CPBC #47662)(250) 478-3580Safe and Soundinfo@safeandsoundhomeinspections.ca Garth Anderson (CPBC #47590) G.R.A.(250) 920-6322Insight Home Inspectionsinspectorgarth@gmail.com Kerry Smith (CPBC #47674)(250) 920-8324InspecTechinspectech@shaw.ca Up IslandDarryl Saam (CPBC #53903)(250) 713-4811Discovery Inspectionsdiscoveryinspections@shaw.ca Other Considerations Be sure to consider all the sytems in the home and the surrounding areas and neighbours.  Talk to the neighbours before confirming your purchase to insure you have all information they have to share with you.  They may know something about the home as well. Google the address to see if any public history on the address.  Are you concerned about anything in particular?  Violence in the home, etc. Consider all the systems in the home and whether you need specific inspections for any of them. Relative Earthquake Hazard Map of Greater Victoria Capital Regional District Mapping System Crime Maps BC Flood Maps Capital Region Tsunami Information Portal A Homeowner’s Guide to Radon Radon - A Guide for Canadian Home Owners Greater Victoria Schools Use the School Locator tool to determine the catchment area school(s) a given street address. The Greater Victoria School District website contains valuable information about the school district, such as the transfer process for students wishing to register at a school outside of their catchment school. The Fraser Institute provides elementary and secondary school rankings based on province-wide test results. Visiting the school’s website and talking to the principal, teachers, and other parents can help to give you an idea of what the school will offer your child. Perimeter Drain Inspections Richard’s Island Perimeter Drains 1-800-867-8084 https://www.richardsipd.ca/ Drainscope (250) 590-1535 http://www.drainscope.net/ Watts Plumbing and Drains (250) 818-0905 https://wattsplumbinganddrains.com/ Drain Pro Plumbing (250) 652-5588 https://drainproplumbing.ca/ Septic Inspections Coast Environmental Ltd. 2673 Sooke Rd,Victoria BC(250) 380-1166 http://www.coastenvironmental.ca/inspections.html Save on Septic 4665 Trans Canada Highway Duncan BC (250) 748-5676info@saveonseptic.com http://saveonseptic.com/ Vortech (250) 746-0706vortechplumbing@gmail.com http://vortechplumbing.com/services/septic-tank- inspection-victoria-bc/ Canadian Sewage Solutions Inc (250) 478-1158 sewagesolutions.com John Rowse - JRSC Ltd. (250) 590-2514 http://jrscltd.com/ Earthservice Drainmaster Inc (Paul) (250) 479-0195 http://earthservice.ca/ Underground Oil Tank Inspection CRD Homeowner’s Guide EZ Ground Scan (250) 415-6827 https://ez-ground-scan.business.site/ Victoria Tank Service Ltd. 2742 Lakehurst Dr, Victoria BC (250) 385-8221 https://www.victoriatankservice.ca/ ScanPlus Locating Ltd 5715 Sooke Road, Sooke BC (778) 352-4770 http://scanplus.ca/ Western Utilities Locating Services (250) 220-8129 https://www.westernutilities.ca/ Well Water Testing HeathLinkBC VIHA Health Canada Island Waterworks Ltd. BC Aquifier Victoria (250) 477-1665 http://www.bcaquifer.ca/en/ MB Labs 2062 West Henry Ave. Sidney, BC (250) 656-1334 http://www.mblabs.com/ Colleen Roberts at South Island Water Services(250) 732-3259https://southislandwater.ca/ Brentwood Bay,Victoria, BC(250) 652-0238 Toll Free: 1-866-839-4227 islandwaterworks@shaw.ca https://www.islandwaterworks.ca/ Waterline Resources 1-844-585-0802 https://www.waterlineresources.com/ Conclusion In the intricate tapestry of real estate transactions, home inspections serve as a critical thread, weaving together transparency, protection, and peace of mind for buyers. By peeling back the layers and revealing the true essence of a property, inspections empower buyers to make informed decisions, protect their investments, and embark on their homeownership journey with confidence. In the grand narrative of home buying, a thorough inspection is not just a formality—it's an indispensable tool that illuminates the path to finding the perfect place to call home.  

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Greater Victoria Schools

You can use the School Locator tool to determine the catchment area school(s) a given street address.  The Greater Victoria School District website contains valuable information about the school district, such as the transfer process for students wishing to register at a school outside of their catchment school. The Fraser Institute provides elementary and secondary school rankings based on province-wide test results.  Visiting the school’s website and talking to the principal, teachers, and other parents can help to give you an idea of what the school will offer your child. 

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