Closing Day, also referred to as Completion Day, is a significant milestone in the process of buying a house. It’s the day when ownership of the property is transferred from the seller to the buyer. As a homebuyer, understanding what happens on closing day and how to prepare for it is essential. In this blog,… Continue reading Closing Day in Real Estate: A Complete Guide to a Smooth Property Transfer
When it comes to mortgage financing, the term “escrow” is more commonly used in the United States than in Canada. However, escrow accounts do exist in Canada, particularly in relation to property taxes. In this article, we will explore what escrow means in Canada, what an escrow agent is, how it relates to property tax… Continue reading What is Escrow in Canada? Understanding Property Tax Accounts
The Vancouver Empty Home Tax (EHT) program has recently undergone significant changes. On May 10, 2023, the City Council made crucial decisions regarding the tax rate and exemptions to enhance the fairness and effectiveness of the program. In this blog, we will explore the outcomes of these changes and their impact on homeowners, developers, and… Continue reading Vancouver Empty Home Tax: 2023 Program Changes and Implications
When purchasing a new home, it’s essential to understand the Goods and Services Tax (GST) implications. Similar to the GST you pay for other goods and services, the purchase of a new home is subject to this 5% tax. In this blog, we will explore the details of GST on new homes and provide valuable… Continue reading GST on New Homes
When it comes to matters concerning real estate in British Columbia, having a trusted legal advisor by your side is essential. At Passgo, we specialize in providing comprehensive legal services to clients with property located in British Columbia. Our team of experienced real estate lawyers in British Colombia understands the intricacies of the local market… Continue reading Real Estate Lawyer in British Columbia: Legal Advice For Property Owners
When it comes to real estate ownership, two common forms are joint tenancy and tenants-in-common. Understanding the differences between these arrangements is crucial for individuals involved in real estate transactions. In this blog post, we will explore the concepts of joint tenancy and tenants-in-common, shedding light on their distinct characteristics and implications. At Passgo, we… Continue reading Joint Tenancy v. Tenants-in-Common
The implementation of the Underused Housing Tax (UHT) by the Canadian government on January 1, 2022, has brought a new tax obligation for certain homeowners. The Underused Housing Tax targets vacant or underused residential properties and impacts non-residents, non-Canadian owners, and Canadian residents. In this blog post, we will delve into the details of the… Continue reading Understanding the Underused Housing Tax
The property tax adjustment at closing is a crucial aspect of real estate transactions to ensure a fair distribution of tax responsibilities between buyers and sellers. We understand the importance of accurate property tax adjustment at closing to avoid any surprises. In this blog post, we will guide you through the process of property tax… Continue reading Property Tax Adjustment At Closing
Condo insurance in Alberta must have insurance protecting its corporation’s common property and condominium units against loss resulting from destruction or damage. The corporation must also have insurance against liabilities incurred by board members and the corporation itself in carrying out its duties. A corporation can impose insurance requirements on owners, such as requiring owners… Continue reading Condo Insurance in Alberta
If you’re considering buying or selling a property, it’s important to have legal guidance from a real estate lawyer. This is especially true for first-time homebuyers, as navigating the legal jargon involved in the process can be difficult and costly if mistakes are made. Buying a house is a significant decision and is usually the… Continue reading What Does a Real Estate Lawyer Do? Your Comprehensive Guide
