Title: Sell Your Half Of A Jointly Owned House?

There is no half in a jointly owned house.

You cannot sell or mortgage a jointly owned house unless the other joint tenant(s) also sign.

Husband and wife almost always hold their house title as joint tenants.
Joint tenancy means when one passes away, the other one will automatically own the house.
Don't have to go throught probate.

There is a right of survivorship in joint tenancy.

Easement: Unwritten Easement: Losing Your Right?

What is Unwritten Easement?
Unwritten Easement means unwritten permission by default when some people use your property for a long time and you don't stop them.

Some people (eg hikers) cut across your vacant lot to reach a river without your permission.
If the hikers do that for a long enough time, you (owner) may lose the right to stop them from cutting across your property. ( This means Unwritten Easement or Permission.)
Your right to deny access are prescribed. Hence, it is called Prescriptive Right.

What can you do? Put up interrupting fence, trespassing signs or may be dogs.

Fencing at the Grouse Grind may be an example.

Restrictive Covenant?

What is a Restrictive Covenant?


A Restrictive Covenant is a contract (eg between the government and the developer) that places restriction on your property.


A Restrictive Covenant is registered on Title and a buyer must abide by the restrictive term.


You should know any Restrictive Covenant before purchase.


Your house is restricted to follow a color scheme to match the neighbourhood. (A typical Restrictive Covenant)


You are prohibited from purchasing properties in particular neighbourhoods because of your race or religion.

This prohibition can be stipulated in a restrictive covenant but it is
 not enforceable anymore because it is contrary to Canadian law.

Easement: What Is Easement?

Easement is a right given by you (homeowner) to another person or entity to cut across your property.

Easements are given to utility companies to run cables and pipes over and under lands.

Easement, rights-of-way and statutory rights-of-way are used interchangeably by the public.

Almost every home has an easement.

Easement runs with the land. When you buy the property, the easement will come with it, sort of like husband and wife.

You cannot build on top of a easement.

Easements can be linked to Prescriptive Rights, Adverse Possession (Squatters' Right) and  Restrictive Covenants.

Tax Credit: First-Time Home Buyers' Tax Credit?

What is FTHB Tax Credit?

FTHB Tax Credit stands for First-Time Home Buyers' Tax Credit.

A few important points:

1/  FTHB Tax Credit was introduced in 2009.

2/  FTHB Tax Credit Amount = $5,000  X  lowest personal income tax rate for the year (eg 15% in 2009) =$750.

3/  Homes have to be acquired after Jan 27, 2009 and located in Canada.

4/  Most housing should qualify. Mobile homes & Co-op Housing are ok; shares that entitle occupancy are not ok.

5/  Eligible homebuyer or spouse did not live in another home owned by them in the last 5 years.

6/  Eligible buyer can claim the tax credit when filing Personal Income Tax Return in the same year when the qualified home was purchased.

Ownership: Largest Landowner In Canada?

Who is the largest single landowner in Canada?

It is the Federal Government.

The majority of the federal land are in Northern Territories (Crown Lands).

Federal Government owns nationals parks, Indian reserves and Canadian Forces Bases.

Condo: When Lease Ends, U Have To Move Out?

If you purchased a leasehold apartment and the lease came to an end, then, logically your apartment would not be yours anymore and that you would have zero interest in the apartment.

Uner the Strata Property Act, this is not the case. The owner of the property will have to buy your interest (which is not zero) or renew the lease or sell the ownership to you.

Title: What Happens When Strata Lease Ends?

What happen At The End of the term of a Strata Lot Lease?

At the end of a Strata Lot Lease, Leasehold Lord will do one of the followings:

1/  The Leasehold Landlord will purchase the Leasehold Tenant's interest in the strata lot.

2/  The Leasehold Landlord will renew the Strata Lot Lease.

3/  The Leasehold Landlord will sell the ownership of the Strata Lot to the Leasehold Tenant.

Title: Can You Be A Leasehold Landlord?

No, a private person cannot be a Leasehold Landlord.

Leasehold Tenant is the developer who will lease the land for a term of 50 years or more from Governments or Public Authority (Leasehold Landlord).

Leasehold Landlord must be Government or Public Authority.

Strata Property Act limits Leasehold Landlords to 9 types:
1/ Federal Government.
2/ Provincial Government.
3/ Municipal Government.
4/ Regional District.
5/ Nisga'a Village or Nisga's Nation.
6/ University.
7/ Sechelt Indian Band.
8/ Provincial Rental Housing Cooperation.
9/ School Board.

Title: What Is A Leasehold Title?

A leasehold title means:

1/  The holder has the right to use and occupy the land and building.

2/  The right is only for a defined period.

3/  The holder is a tenant, not an owner.

Title: What Is A Freehold Title?

A Freehold Title means:

1/  The owner has full and exclusive ownership of the land and building.

2/ The owner has ownership for an indefinite period.

2/  The owner can do whatever allowed by laws. (Municipal bylaws, subdivision agreements, building codes, and provincial and federal laws.)

Condo:Strata Corp Sue Strata Owner For Negligence?

Can a Strata Corporation sue and claim against its Strata Owner for damaging negligently the carpet of the Common Property?

1/  No, a Strata Corporation cannot sue and claim against the Strata Owner.

2/  Condominium Act requires a Strata Corporation to insure the Common Property against fire and other perils.

3/  A Strata Corporation (an insurer) can make a claim on its insurance policy, not against a Strata Owner.

4/  A Strata Owner is a beneficiary (an insured) under the insurance policy.

5/  An insurer (Strata Corporation) cannot claim against the insured (Strata Owner). In this case, a Strata Corporation must bear the loss.

6/  However, a Strata Corporation may sue a negligent Strata Owner for the deductible portion of such insurance claim.

Condo: How many ways u can subdivide a land?

There are 3 ways or types of land subdivision:

1/  Standard subdivision of land into Regular Lots.

2/  Subdivision of land into Bare Land Strata Lots. There is Common Property in the Bare Land Strata Plan. Common Property can be for clubhouse, a common private road, outdoor swimming pool, etc.

3/ Subdivision of Buildings into Strata Lots (eg, the highrise condos) on a piece of land.   The new strata lot is a piece of property in the Air.   The Building must have floors, walls and ceilings.

Condo: What Is LCP?

LCP is a term used in condo buildings.

LCP means Limited Common Property.

Common Property means all strata lot owners (i.e. all condo owners) have equal right to the use of the common property

Limited Common Property means that portion of Common Property is limited to be used by designated owner(s), eg parking stalls and storage lockers.

LCP is a subset of Common Property (denoted by C).

Common Property, including Limited Common Property, is owned by all condo owners as Tenants In Common, which entitles all owners to equal right to use.

Mortgage: What Is A Conventional Mortgage?

A Conventional Mortgage means:

1/  The mortgage amount is 80% or less of the market value or the purchase price of the house, whichever is lesser.

2/  Mortgage Insurance is not required.

Mortgage: Get 10% Refund on CMHC Mortgage Loan Insurance Premium?

You may get 10% refund on CMHC Mortgage Loan Insurance Premium if:

1/  You bought an energy-efficient home.
2/  You bought a house and renovated it into energy-saving home.
3/  You renovated your existing home into more energy-efficient.

The key is energy-efficient home.

In addition to 10% refund, you may also get amortization period extended to a maximum of 30 years.

Why? The Government of Canada wants to promote energy conservation.

Mortgage: CMHC Mortgage Loan Insurance Premium for 5%, 10% & 15% down payment?

CMHC Mortgage Loan Insurance Premium:

5% down payment ------- 2.75% on Total Loan.

10% down payment ------2.00% on Total Loan.

15% down payment ------1.75% on Toal Loan.

Mortgage: What Is CMHC Mortgage Loan Insurance?

1/ CMHC=Canada Mortgage Housing Corporation.

2/ Mortgage Loan Insurance protects home buyers from mortgage default.

3/ A mortgage with down payment from 5% to 19% requires Mortgage Loan Insurance.

4/ Mortgage Premium will be added to the mortgage and included in the monthly or weekly mortgage payments.

5/ Mortgage Loan Insurance is completely different from Mortgage Life Insurance.

Mortgage: What is CMHC?

1/ CMHC stands for CANADA MORTGAGE HOUSING CORPORATION.


2/ CMHC is a Crown Corporation.


3/ CMHC administers the NATIONAL HOUSING ACT for the federal gov't.


4/ CMHC sells high ratio Mortgage Loan Insurance. (Higher ratio, higher premium.)

PTT: Pay Down Mortgage After PTT Waived?

IN THE FIRST YEAR AFTER PTT (Property Transfer Tax) GOT WAIVED:

1/   Mortgage principal can only be paid down up to the maximun of $11,000.

2/  Mortgage principal cannot be reduced to below 70%.

(Paul is burning, not burning out, with enthusiasm.)

PTT: Buy With A Qualified Buyer To Save PTT?

PTT (Property Transfer Tax) will be pro-rated.

If 2 persons are on title, the non-qualifying buyer owns 60%, the qualifying buyer owns 40%, then 40% of PTT will be waived.

PTT: How can U save PTT?

You don't have to pay PTT if you meet these 8 requirements:

1/  First-time buyers.
2/  Canadian citizen or landed immigrant.
3/  Resided in BC for at least 1 year.
4/  Principal residence; occupy within 92 days.
5/  Never owned a principal residence anywhere in the world.
6/  Mortgage amount 70% or more.
7/  Mortgage term at least 1 year.
8/  Property purchased $425,000 or less. (Proportional exemption from $425K to $450K)

PTT:Who are eligible 4 Property Transfer Tax exemption?

Qualified first-time buyers do not have to pay the tax if they meet the 8 required conditions.

PTT: What is PPT?

PPT stands for Property Purchase Tax. It is also known as PTT which stands for Property Transfer Tax. PPT is a provincial tax in British Columbia.


The formula is:

PPT = 2% of Purchase Price - $2000

Or

PPT = 1% of Purchase Price ( if Purchase Price is $200,000 or less).

Paul Young, The Realtor With Burning Enthusiasm