P O Box, 740,
38261 Cleveland Avenue
Toll Free: 1.800.617.5511
135-4370 Lorimer Road
Toll Free: 1.888.689.0070
1411 Portage Road
Toll Free: 1.888.689.0070
RE/MAX Sea to Sky Real Estate Squamish is dedicated to bringing you information which will assist you in the purchase of your new home.
- Understand the Definitions used in Squamish’s Real Estate
- Working with a Real Estate Agent
- What are the associated Costs for Sellers
- What are the requirements/costs for non-resident Sellers
- Helpful tips on selling your home.
The Agent is the real estate company under which the individual salesperson who is representing you is licensed.
REALTOR often used interchangeably with Licensee, Real Estate Agent or Salesperson and in BC, is licensed under the Real Estate Act. A REALTOR can use the term REALTOR if he/she belongs to a local board or association that enforces a strict code of ethics.
The Buyer often referred to as the Purchaser.
The Seller often referred to as the Vendor.
The Principal is someone who has engaged an Agent to act for and on his/her behalf either to buy or sell a home.
Dual Agency occurs when a real estate agent is representing both buyer and seller in the same transaction. Since the agent has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation if both parties consent. If you find yourself involved in a dual agency relationship, before making or receiving an offer both you and the other party will be asked to consent in writing to this new limited agency relationship.
This relationship involves the following limitations:
- The Agent will deal with the Buyer and the Seller impartially;
- The Agent will have a duty of disclosure to both the Buyer and the Seller except that;
- The Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing;
- The Agent will not disclose the motivation of the Buyer to buy or the Seller to sell unless authorized by the Buyer or the Seller
- The Agent will not disclose personal information about either the Buyer or the Seller unless authorized in writing;
- The Agent will disclose to the Buyer defects about the physical condition of the Property known to the Agent.
Zoning in Squamish
There are over twenty-five different types of residential zoning in the Squamish area. Some of these zonings allow the use of the property for the purposes of short term rental and some prohibit it. Individual properties that permit usage as tourist accommodation may also have covenants registered against the title which determine the amount and type of personal and public usage of the property. These are generally referred to as Phase One and Phase Two properties and are found, for the most part, in the Squamish Village and the Blackcomb Benchlands.
Phase One Units
These units are also known as "unrestricted" and are mostly one to two bedroom condominiums found in the Village in lodges. There are no restrictions on owner usage of these condominiums, but there is an organized rental program available for times when the owner would like the property rented out.
Phase Two Units
These units are also known as "restricted" and are studio, one and two bedroom apartment condominiums incorporated in an ongoing hotel operation. The number of days that the owner is allowed to use the unit is restricted to 28 days in the winter and summer. There are no restrictions in the off-peak spring and fall. The benefits to these units include revenue, potential tax shelter and the various hotel services and facilities. These investments are best for the occasional visitor to Squamish or for the investor interested in revenue only.
2. Working with a Real Estate Agent [ top ]
Buying a home is probably one of the most important financial transactions you will make in your life. So, it is necessary to understand the kind of relationship you might be entering into with a realtor, from an Agency such as RE/MAX Sea to Sky Real Estate Squamish.Attached is a pdf. Document created by the British Columbia Real Estate Association, BCREA.
Your Relationship with the Agency
A realtor working for RE/MAX Sea to Sky Real Estate Squamish works within a legal relationship called agency. The agency relationship exists between you, the principal, and your agent, the company under which the individual salesperson, who is representing you, is licensed. The essence of the agency relationship is that the realtor has the authority to represent the principal in dealings with others.
Agents and their salespeople are legally obligated to protect and promote the interests of their principals as they would their own.
Specifically, the agent has the following duties:
- Undivided loyalty. The agent must protect the principal's negotiating position at all times, and disclose all known facts which may affect or influence the principal's decision.
- To obey all lawful instructions of the principal.
- An obligation to keep the confidences of the principal.
- The exercise of reasonable care and skill in performing all assigned duties.
- The duty to account for all money and property placed in an agent's hands while acting for the principal.
- You can expect competent service from your agent, knowing that the company is bound by ethics and the law to be honest and thorough in representing a property listed by their own agents in a single transaction.
When There Is No Relationship
You may also choose to use the services of a realtor without having any kind of agency relationship. This might occur, for example, when you are being shown a property by the seller's agent – this agent may not work for RE/MAX Sea to Sky Real Estate Squamish.
However, if you choose to work with a seller’s agent, that agent must still work within a manner which is legal and ethical. Their duty is still to provide you with accurate, honest answers to your questions, as well as access to all of these services:
- Explain real estate terms and practices
- Provide and explain forms used
- Assist you in screening and viewing properties
- Inform you of lenders and their policies
- Identify and estimate costs involved in a transaction
- Assist you in establishing your range of affordability
- Prepare offers or counter-offers at your direction
- Present all offers promptly
A realtor who is not your agent cannot:
- Recommend or suggest a price
- Negotiate on your behalf
- Inform you of his/her principal's top/bottom line
- Disclose any confidential information about his/her principal unless otherwise authorized
You should not provide a real estate agent who is not your agent with any information that you would not provide directly to his or her principal.
3. What are the Associated Costs for Sellers? [ top ]
These are the costs that a seller of real estate is responsible for:
- Costs of clearing title including:
a. Discharge fees charged by encumbrance holders
b. Pre-payment penalties
- Harmonized Sales Tax on Commission and other services only
- Lawyer or Notary Fees & Expenses
a .Attending to execution of documents
b. Discharging any encumbrances
- Real Estate Commission
- Adjustments for Ownership
b. WRA Assessment
c. Strata Fees
- Capital Gains Taxes - if applicable
4. What are the requirements/costs for non-resident Sellers? [ top ]
For non-residents, there are a few points you should be aware of when considering the sale of your Squamish property.
- Obtain a Clearance Certificate: You will need a Clearance Certificate from Revenue Canada prior to the completion date of your transaction. The current wait for a Clearance Certificate is 6 to 8 weeks, so it is important to contact your lawyer or accountant as soon as an accepted offer has been received. Before issuing the Clearance Certificate, Revenue Canada will need to collect any tax payable on the property to be sold.
- Calculating Capital
Gain: To determine the adjusted cost base
in order to calculate capital gain, Revenue Canada
allows the following:
a. Property Transfer Tax
b. Legal fees and disbursements associated with the purchase
c. Furnishings and renovations included in the selling price
e. A portion of the interest on mortgage payments
- Revenue Canada does not allow any deductions from the selling price in determining the gain, and the rate of the Capital Gain Tax is 33.33% of the gain. However, by filing a Canadian tax return with Revenue Canada after the sale, some of the tax paid may be recovered.
5. Helpful Tips on Selling Your Home [ top ]
A potential buyer is your worst critique but your most important guest! Here are a few suggestions to help you improve the overall presentation of your home without major renovations.
Creating the right atmosphere will welcome potential buyers into your home.
- Make your guests feel comfortable in your home – the addition of candles, flowers and clean tablecloth, rugs and upholstery always creates a good impression of a well loved home.
- Get rid of the clutter - children's toys, paper work and other personal items should be stored away
- Dust counter tops, tabletops, and under the couch!
- Keep counters free of clutter, especially dirty plates and cups.
- Store all cleaning supplies neatly in an out of the way place.
- Take all the personal photos, kids drawings and magnets off your fridge
- Add flowers and candles or burn essential oils to make these rooms more appealing.
- Bedrooms are usually the most private rooms in your home. It is important that potential buyers feel and that they appear neat, tidy and inviting.
- Arrange furniture to allow a spacious atmosphere.
- Make your beds every day: children's rooms too, and make a point of fluffing the pillows, using a nice duvet cover.
- Walls should be clean. Touch up the paint and check the wallpaper for areas where it needs spot repairs.
- Clean this area to a point of shinning
- Clean towels are a must
- Burn essential oils or similar to create a harmony
- Put away as much personal items as possible
- Clean your windows – especially if you have magnificent views
- Replace any damage screens or windows
- Prune any bushes or trees to allow maximum light and the best possible views
- Keep your curtains open, neat and clean.
- Check the locks – fix any that are broken
- Clean your doors and if necessary repaint
- Oil any squeaky hinges and make sure that all your doors open easily.
- Check all the locks – fix any that are broken
- Repair or replace missing or damaged tile, hardwood, vinyl and baseboards.
- Steam-clean or shampoo carpets.
- Secure loose carpeting and replace damaged areas.
- Do your pre-moving clean-up and throw out or store unnecessary items.
- Store infrequently used counter-top items.
- Keep drawers and cabinets tidy and organized.
- Items should be neatly stored in shelving or wall units.
- Allow appropriate space for the homebuyer to visualize their vehicle or workbench.
- Consider moving excess or over-sized items to mini-storage.
Creating the right first impression will welcome potential buyers into your home.
- Mow, trim and fertilize the lawn.
- Weed flowerbeds and replace dead plants and trees.
- Replace missing slats, stakes and posts on fences and gates.
- Repair broken hinges and paint or stain the fence if necessary.
- Clean up grease or oil spots on concrete surfaces on the driveway.
- Make sure the garage door opens freely and the automatic door opener is working.
- Provide an unobstructed view of your home from the street. Park your cars in the garage or on the street.
- This is the entrance to your home, and as such, it needs to make good first impression.
- Make sure that the doorbell, porch lights and other fixtures work and are in good condition.
- Add welcoming touches: flowers, welcome mat, wreath on the door.
- Take a fresh look at your home's features: the trim work, rain gutters, shutters, etc. You may want to add a fresh coat of paint to brighten these up.
- If you notice the exterior needs a paint job, do it.
- Remove debris such as tree branches and leaves from the roof.
- Make any necessary repairs to worn shingles or cracked surfaces.
- This is where you entertain outdoors. Make sure the area is tidy and uncluttered.
- Add flowers, outdoor furniture, citronella candles in the summer make it seem warm and inviting.
- Remove things that seem untidy or in the way: gardening equipment or children's toys