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Real Estate Services Act
British Columbia's Real Estate Services Act is unique in North America. The
strength and simplicity of British Columbia's Real Estate Services Act revolves around the
concept that "what is on title is what is". This means that the name of the
person / company, registered on title, on a property, in the Land Registry office, is
deemed to be the owner of that property.
Any easements or other items registered on title are deemed to "run with the land", and
are not private agreements -- such registered items are passed on to new owners of that
property, at the time of the conveying of title, on completion day of a transaction.
There is no "grandfathering" of usage, it must be on title.
In British Columbia, the Buyer is responsible for the cost of conveying title in a
property transaction. The lawyer or the notary is responsible for this conveyancing. The
lawyer / notary will also collect the Property Transfer Tax, required by the British
Columbia Provincial Government, and will remit it to the Government on behalf of the
Buyer.
First time home buyer may qualify for a Property Transfer Tax exemption if certain
requirements are met.
See also:
Agency Disclosure : See how I always work for you, whether you are the
buyer, or the seller.
Buyer's Agency : Buyers, now enjoy the same agency representation
as the vendor.
Limited Dual Agency : One agent may act as both a buyer and seller agent at the same time.
Contact Li Read at Sea to Sky Premier Properties (Salt Spring), 5 - 105 Rainbow Road, Salt Spring Island, BC,
V8K 2V5; Direct Tel: 1-250-537-7647