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!

Be Prepared When Travelling Remote Areas

 Many of the properties we market are remote and we love them as do our clients. They are accessed via Forest Service Roads, private gravel roads, water, and long stretches of unserviced highway. There is often no cellular service, and certainly no wi-fi. So if you are going to travel in these regions remember the number one rule: Be Prepared.

gravel road

                                         

blown tire

Vehicle:
Have a spare tire! In addition, a shovel to dig out (from dirt or snow), a mat to lay down on when you look under the vehicle, and a vehicle that can withstand scrapes from overgrown shrubs and trees are all assets. Remember that having warmer temps in town does not mean there won't be snow on the ground in the more remote areas. For some areas, a saw to take apart small windfall that's across the road could be useful.

yup, that's broken

Communication:
Make sure people know where you are going and your approximate time of return. Letting people know your route ahead of time is also a good idea. We always ask people who want to just go look at a property on their own to tell us when they return. Have good maps with you so you can identify where you are, especially if you need to walk out to a more main road for assistance.

stuck in the snow

Supplies:
A first aid kit is important. Extra food and water as it may take longer than you'd expect. Good footwear. Warm clothes and a rain coat (even in the middle of summer) as the weather can change quickly on the coast! And for those of you who prefer the comforts of home, a spare roll of toilet paper is nice.

lots of water on hand

We love the coastal wilderness we are surrounded by, and if you are prepared then enjoying it and exploring it can be a great way to spend time.

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

Visiting BC's Marine Parks

A lot of people are exploring the more outdoor and open areas of the coast this summer, as a way to safely social distance and yet still enjoy summer. Marine parks are a great option for those who have boating access - whether power boats, sailboats or kayaks.

The coast of BC has over 40 designated marine parks. These are parks that include both water and land areas but are generally accessible by float plane or boat only (with some exceptions). Many of them allow wilderness camping but only a few offer even basic services (an outhouse, water, cleared campsites). 

Raft Cove Marine Park, northwest Vancouver Island

These marine parks run along the entire coast of BC and among the numerous islands that dot the coast. They are an attraction for boaters, kayakers, hikers and many others. The largest marine park on the coast is the Broughton Archipelago Marine Park, off the NE coast of Vancouver Island, which consists of dozens of small islands and the waters around them. This park is very popular with kayakers and for whale watching.



Marine parks often provide a welcome refuge for people traveling along the coast, and are common meet-up spots for boaters.  Desolation Sound Marine Park, along the central mainland coast, is very popular with boaters due to its protected waters, easy access to the Discovery Islands and beautiful beaches.

private properties within Desolation Sound Marine Park



Some of the remote and recreational properties we have listed through the BC Oceanfront office either border or are very near to marine parks. A select few are even lucky enough to be private property within a marine park - very rare.

flying over Surge Narrows Marine Park

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

Making Room for Your Coastal Lifestyle

Lots of people move to Campbell River, and the central/north Vancouver Island region, because of the wonderful outdoor lifestyle opportunities. Camping, boating, kayaking, hiking, atv-ing, mountain biking, skiing, hunting, fishing - the list goes on; as a home base, this region offers some of the most accessible outdoor activity area anywhere. Within 45 minutes of town one can be on a ski hill, at a beach, enjoying a lake, fishing a river, camping in a forest, or exploring the ocean and islands off shore.

With all that recreation, however, comes equipment. And if you are moving here to take advantage of the great outdoors, thinking about where you are going to keep your equipment is important.

Are you thinking of downsizing so you can spend time RVing? Then you need to have somewhere to store your RV. Coming here to fish on the ocean or lakes? Will you have a boat and if so, where will you keep it? Skis, ATVs, mountain bikes, kayaks - all need a place to sit when not in use.

Listings in this region should tell you if RV parking, extra outdoor space and good storage space is available. Most properties allow these types of outdoor items, although there are still some neighbourhoods that do not, so check if there are any covenants on the title restricting property use.

When you come to the area, come prepared to take advantage of all it offers and make sure your home allows you to easily access what you need. Whether that means a sturdy pair of walking shoes or a state-of-the-art RV beside the house is completely up to you!

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

Navigating the Local Waters

Looking at the land from the water offers a different perspective. One of the things people who are out sight seeing or fishing for the first time may have questions about are some of the markings and posts you can see on apparently unoccupied land. These can appear to be art work or secret messages, but actually they are for the benefit of everyone.

There are markers for navigation and also markers for fishing regulations.

Warning navigation markers can be in place to mark rocks or hazards that may not be readily visible at all tides, sitting just under shallow water. These markers may have a light on them as well.

In a narrow channel or shallow waters, navigation markers are set up to assist boats in safely getting through the waters. These generally consist of two large, flat pieces set apart from each other, each with a vertical stripe up the centre. When boats are moving through the channel, by sighting these markers so that the vertical lines are perfectly stacked they will be in the optimal spot for moving through the channel. These are known as range markers.

When fishing in amongst the islands and just off the coast, it is the responsibility of the person fishing to know and follow the regulations set out by the Department of Fisheries. These regulations include closures, places in the water where fishing is not allowed, or is only allowed to certain sectors of the fishing community (commercial, sport, etc). These areas are marked by boundary markers visible from the water, some newer than others, some faded with time (many boundaries have been in place for years). 

The markers are generally a triangle and a square, although there is no clear definition on the DFO website as to which is used when and generally the regulations will simply say "between the boundary markers at ..." Whenever you see one of these markers, search the shore opposite (often in a bay) for its mate. Line the two markers up, and the "invisible line" between the two markers is your boundary. You don't want to get caught on the wrong side of the line, as there can be hefty fines!

The waters around Vancouver Island are busy, and these signs and markers can be considered the traffic and information signs of the water highway. If you are going to be spending time on the water, knowing what these signs mean will keep you safe (and out of trouble).

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