Real Estate Language

 

It’s easy for those of us who work in real estate every day to forget that the general public, who maybe buy or sell only a handful of properties in a lifetime, aren’t always well versed in real estate terminology. There is a language that is specific to the world of real estate, from terms involved with listing properties to the language of a real estate contract. The more accessible we can make that language to our clients, the more comfortable and at ease they are going to be during the process.

 Here are some basic terms you may hear mentioned when talking about property sales:

Conditional: “It’s still conditional” – this means that there is an offer to purchase which has been accepted by the seller, and the buyers and/or sellers are now working through the items they placed as subject conditions on the offer to purchase; this is referred to as the due diligence period. There is a set date for these conditions to be removed and if they are the contract will then be considered unconditional. When a contract is in its conditional phase, there is a chance that the purchase may not go through, as the conditions may not be satisfied.

Subject-Free: This relates to the conditions set on a contract (or perhaps there are no conditions). When all subject conditions have been waived or removed and both parties are in agreement then a deal is considered ‘subject-free’ and buyer and seller are obligated to complete the deal as outlined in the contract.

Deposit: While the concept of the deposit is fairly obvious, clients don’t always understand that the deposit will form part of the agreed upon purchase price if the sale goes ahead and is not a separate, stand-alone amount of money.

Appraisal vs Assessment: An appraisal of a property is done by a professional third party accredited appraiser and provides the property’s value as set out in the scope of the appraisal (if it is for market value or lender value for example). An assessment is a property value provided by the BC Assessment Authority and is used by municipal authorities to apply property taxes.

Commission: The gross commission for a listed property is determined at the time of the listing. If there is one agent for the sellers and one agent for the buyers, they will share that gross commission in a pre-determined way (also set out in the listing contract for the property). The gross commission is paid by the seller upon the receipt of funds for the sale of the home, and both agents are then paid from that monies.

The best advice when it comes to dealing with real estate and the language is to ask lots of questions. Your real estate agent is there to assist you, and explaining things you don’t understand is part of the job.

 It's a Coastal Lifestyle ... Live It!

 

Coastal Gems: Read Island

 

Read Island sits in the heart of the Discovery Islands, with Maurelle Island to the north, Quadra Island to the west and Cortes Island to the southeast. There is a large provincial park at the south end of the island.

The census has approximately 80 people as full-time residents of the island, and there are many other part-time residents with summer cabins and residences.

Read Island is home to Surge Narrows School, serving the outlying areas in the Discovery Islands for School District 72. Like most of the Discovery Islands, Read Island has a rich and varied history, having been home to loggers, farmers and homesteaders throughout the years.

There is a government dock on Read Island at Surge Narrows. Surge Narrows sits at the junction where Read Island, Quadra Island and Maurelle Island meet and merges into White Rock Pass; a picturesque and protected location with quick, easy access to services and amenities located at Heriot Bay on Quadra Island or the larger centre of Campbell River on Vancouver Island. 

From here one is also minutes away from the BC mainland and majestic inlets such as Toba and Bute.

Read Island has a network of internal logging roads, which provide access throughout most of the island and to the Government Dock as well as the community hall and elementary school. Rosen Lake and the 1550 acre Read Island Provincial Park are both located on the south end of the island.

It’s a Coastal Lifestyle … Live It! 

 

Preparing your Recreational Property for the Off-Season

Fall has begun and with it comes the promise of rain and wind and storms on the west coast. Just like you should clean your gutters, unhook your hoses and put away the patio furniture at your home, you should prepare your recreational and remote properties for the fall and winter seasons.

Water - if you are not going to be using your property over the winter your water supply should be properly shut down. There is nothing worse than burst pipes in the spring! Turn off at the source, drain the hot water tank, and leave both indoor and outdoor taps open. 

Exterior tidy up - make sure all the loose items from summer, such as chairs, tables, planters, tools, etc are put away in a secure place. Winter weather can wreck these items, and winter storms can send them flying. If you have to leave canoes/kayaks or boats outside, make sure they are turned upside down so they can’t fill with water and that they are secured to something so they can’t blow about.

Interior – Clean out the fridge, and make sure that food stuffs are either well packaged, stored somewhere else or thrown out. Mice love a winter meal! Putting linens, towels, dishcloths, etc somewhere extra dry will help keep mould from growing on damp fabrics. Consider a moisture absorber container (no damp, damp rid, dri-z-air), especially on the coast or near water where the damp is constant in the winter.

Lock up - make sure the property is closed up properly. Windows and doors should be latched so wind doesn't blow them open and so that critters can't get in. In wooded areas where debris and branches may come down, consider boarding up the windows.

Docks - make sure the surface is "gripped" or cleaned so that if someone needs to use the docks they won't slip on the slick surface from all the winter moisture. This will also deter mould build-upover the winter.

Trees, shrubs, etc - now is a good time to prune any dead branches or long/heavy branches that are getting too close to buildings. These can come down during winter storms and do a lot of damage with no one around to clean up. Better to deal with it now.

A small amount of time spent shutting down, cleaning up and locking up will save time and possibly money come spring. Time to get it done before the big storms come!

It's a Coastal Lifestyle ... Live It!