Summerland & Penticton Okanagan BC Real Estate, Homes For Sale and Revenue Properties - Raymond MAASKE: Scott Leaf Real Estate Marketing & Associates (Keller Williams Elite Realty, Port Coquitlam, BC)

Duhaime's Legal Dictionary defines 'Time of the Essence' as A contractual term requiring performance within a specified time.

The Canadian Law web site states : "time is of the essence" This means that the dates agreed to in a contract must be strictly adhered to. A party who fails to fulfill their promise within the time provided is, therefore, in breach of a fundamental term of the contract and the other party may sue for damages or specific performance.

A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party. Failure to act within the time required constitutes a breach of the contract.

The general rule is that time is not of the essence unless the contract expressly so provides. As a result, with respect to real estate transactions, the modern view is that time is not of the essence unless the parties have manifested such an intent. The same is generally true in construction contracts and in contracts relating to the manufacture of goods. When time is not of the essence, courts generally permit parties to perform their obligations within a reasonable time.

So REALTORS®, if you are not including Time shall remain of the essence clause in your Subject Removals you are really doing your clients a disservice. You are leaving the consequences of failure of specified performance of contract dates up to the interpretation of the Court. 

Here comes da judge.

Aiden Win Scam Targets Hungry Realtors

My Real Estate Team has very recently taken Craigslist extremely seriously and been posting on a daily basis to the For Sale by Broker category.  Almost immediately upon undertaking this project, even though we clearly selected the "It is not OK to Contact this Poster with other Commercial Services" option, started receiving emailes from Aiden Win of www.canadaforeclosurelist.ca for each posting.  So right away you have to question Aiden Win's ethics.

Having been to forclosure court many times in the capacity of Buyers agent and Sellers agent I was intrigued at his promise of "Pre-Foreclosure" lists.  Upon reviewing his web site I found it meant homes in the "Redemption Period" whereby the home owner has the right to payout the mortgage and retain the home.  This is the phase where the mortagage holder with court ordered conduct of sale cannot guarantee transfer of title to a Buyer until the Redemption Period has expired.

I have seen many homes get listed in the Redemption Period by Realtors trying to save the owners and there is a common thread through almost all of them, the homeowner owes more then then the home can be sold for.  This is why they are in trouble in the first place. In my area of Canada I am unaware of any recent local example of a bank allowing a sale to go through in the Redemption Period that did not generate enough sale price to discharge a mortgage.  Im sure it happens on very rare occasions but unlike our neighbors to the South in the US where it is a daily occurence, it is almost unheard of.

The Aiden Win canadaforeclosurelist plays to the hungry and lazy REALTOR® who thinks there is an easier way to lead generate then actually working and the naive first time investor that wants to hook the big one.

Aiden Win makes a plethora of outrageous claims, read them for youself but the pre-foreclosure list is just information taken from the Supreme Court of British Columbia dockets (please insert your Province's equivalent applicable judicial level) and is available to all already anyway.

My complaint is that Aiden Win's real talent appears not to be making millions buying & selling Real Estate, but relieving naive fortune hunters from their money for a worthless and outdated list that is widely distributed already.

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 24078 - 102A Avenue, Maple Ridge

Offered For Sale at $419,000 

Beautifully maintained 3 level, 5 bedroom, 4 bathroom home built by quality builders Cavalier Homes in the Maple Ridge real estate neighborhood of Albion. 9' ceilings on the main floor that consists of formal living/dining room, large & spacious kitchen with island area, plus family with gas fireplace & powder room. Up there's a large master bedroom w/walk-in closet & gorgeous ensuite, 2 nice sized bedrooms plus a 4 piece main bathroom. Down there's 2 more additional bedrooms, a large rec room & 4 piece bathroom. The sun drenched backyard is fully fenced. Situated on a quiet street. Tastefully decorated & ready to move in. Great area close to schools, parks & recreation.  Call Maple Ridge Realtor Scott Leaf, Keller Williams Elite Realty, to view 604-839-8239

#405-5475 201st Street, Langley

Offered For Sale at $229,900

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This amazing 2 bedroom top floor unit with two patios & Gas fireplace shows like new construction and is situated at the rear of the building overlooking greenbelt with a peaceful stream. A large dining room, almost unheard of in this price range, will let you entertain the entire family on special occasions. Also featuring a large kitchen with a breakfast bar and attached pantry. The large master bedroom with it's own patio will not dissapoint nor will the large ensuite. Like new construction without the new construction price or the HST.  Call Realtor Scott Leaf , Keller Williams Elite Realty to view, 604-839-8239

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A well maintained 4 Bedroom Rancher offered for sale at $345,000 is on a 7200 sq ft lot at the end of a very quiet dead end street in Maple Ridge real estate with wonderful neighbours and close to delightful Tolmie Park. Great entry level home priced to move. This home in great condition, nothing that you need to do.  Close to Hammond Elementary School and shopping abounds just a few blocks away. A short walk to the West Coast Express Station at Maple Meadows Station.  The fenced yard will keep your dog in and is an empty canvass awaiting the talents of your inner gardener.  Call Scott Leaf, Keller Williams Elite Realty to view, 604-839-8239.

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Maple Ridge 1 Bedroom Apartment Condo - #125-12248 224th st, Maple Ridge

Offered For Sale at $154,900

A gorgeous ground level one bedroom with patio on the quiet greenbelt side of the 3.5 year old Urbano building centrally located in Mape Ridge on 224th st near Dewdney Trunk Road. This apartment features upgrades of Granite counter-tops in kitchen & bath, tile in the kitchen and water line to the fridge. This affordable condo features dark cabinets & black appliances.  A large patio assures the BBQ will not be missed.  Still like new and with the remainder of the 2-5-10 warranty, this apartment condo is a great starter home or a very rentable investment property for the real estate investor.  The Urbano is a Dog friendly building!  No need to ditch Rover for this move and surrounded by walking trails and bordered by Greenbelt with a gentle stream flowing through, both you and Rover will enjoy the walks.

Less expensive homeownership in Maple Ridge can not be found then this for recent construction such as the 2007 year occupied Urbano real estate project. 

Call Maple Ridge REALTOR® Scott Leaf, Keller Williams Elite Realty to view today 604-839-8239

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 A lot of Buyers read about the foreclosure crisis in the United States and presume that a similar problem exists here in Canada and that British Columbia foreclosure homes can be picked up for the price of a cup of coffee as is the case in some US areas today.  Although foreclosures in British Columbia can be picked up at a discount, the discount is no where near the perceived expectation that most buyers have.

Foreclosures, or as we call them here in British Columbia, Court Ordered Sales always exist whether or not the economy is good or bad.  They exist in times of low interest rates and in times of high interest rates.  They are triggered by all manner of circumstances ranging from loss of a owner's job to their death.

When a homeowner defaults on their mortgage here in Canada the lendor will commence the process that will result in a Court Ordered Sale. 

Foreclosure proceedings must be commenced by a petition, the petition sets out the relief sought and then sets out the factual basis for the relief. Once the petition is served on all parties whose interests may be affected by the foreclosure proceedings.  This would mean the registered owners, any co-signers, 2nd mortgage holders etc.

The lendor then requests an Order Nisi (Court Ordered Sale) from the Court , this order when granted commences a time-frame where the owners can payout the mortgage and retain ownership of the real estate in question.  This is called the Redemption Period, the Supreme Court of BC has consistently stated that the usual redemption period is six months and the shortening of that period is a matter of sound judicial discretion. During the Redemption period the owner may continue to live in the property and can not be made to leave except in exceptional circumstances which are rare indeed.  The property could technically be sold during this period but the foreclosed upon owners could still payout the mortgage and regain control so this is generally not done. 

Upon expiry of the Redemption Period the lendor will usually put the property up for sale with a Real Estate company via a Law Firm handling the foreclosure although some smaller lendors handle this process themselves.  This is the time when the Real Estate is made available to the Public for court ordered sale.

Foreclosure listings in British Columbia carry some very important cautions that all Buyers need to know and understand.  It is very important to have a REALTOR® that understands these differences and isn't learning on the job.  A lot of Agents have never been through the foreclosure process and it is important for a Buyer to ask their agent to detail their experience with Court Ordered Sales.

There is no special Court Ordered Sale list, almost all foreclosures are on the Multiple Listing Service®.

All Court Ordered Sales append a schedule to the standard Contract of Purchase & Sale called the 'Schedule A'.  This addendum limits the Buyer's rights, negates some clauses in the standard contract and sets out the terms and conditions under which offers will be received by the lendor.  Although there is no standard 'Schedule A' the following is a list of many of the items that will be included.

• Offer 'Subject  to Court Approval'
• The amount of time offer must be left open for
• The amount of the Deposit and to whom it is paid, ie. lendor's law firm
• Deposit money non-refundable if the Buyer does not complete the transaction
• The time allowed for Buyer Subject's to be Removed
• The time required for completion
• Buyer must accept that their Accepted Offer is made public
• Buyer must accept that they can be outbid in Court by other Buyers
• No guarantee as to condition on Possession Date
• All appliances and other such chattels are not included
• If occupants do not vacate the property by Possession Date it is the Buyer's problem

This daunting list precludes many from buying Foreclosures in British Columbia and for good reason.  You can not make a Subject to Sale offer, your financing must be sound or you risk losing your deposit money if you are unable to complete.  If you have sold your home and need to move into this foreclosure property you have no guarantee as to possession day or condition there on.  If the occupants are uncooperative the Buyer suffers.  Therefore foreclosures are extremely popular with investors and first time buyers who have flexibility with their possession dates.

If your Offer to Purchase is accepted by the lendor the full details are now Public Information and must be disclosed to any interested parties.  The lendor will then apply for a Court Date for the Hearing granting the Order Absolute finalizing the sale to the Buyer.  At this hearing other interested parties may submit competing bids.

The bidding process in court for British Columbia foreclosure properties is a sealed bid, best offer process.  It is not uncommon for a Buyer who has an extremely low offer accepted by the lendor to find themselves in a competitive siutation on the hearing day.  The original Buyer may increase their offer and would be advised to do so as other acceptable bids can only be higher then the original Accepted Price.  Generally only bids with the same Completion, Possession & Adjustment dates will be acceptable.

The Judge or Master at the hearing is there to protect the interests of the foreclosed upon owners. They make sure that resonable marketing efforts have been made and that the owners are not being taken advantage of.  The Judge or Master will open the sealed competing bids (if any) and review them revealing the amounts offered and declaring the successful bidder.  It is after this occurs that the Order Absolute is granted which allows the transfer of title to occur on Completion Day.

I can not emphasize enough how important it is to have a foreclosure experienced REALTOR®guide you through this process, the courts can be a cold and daunting place and the hearing lawyer is working for the lendor, not you.  I have been to foreclosure court representing the Buyers, the Sellers and myself!  I know first hand the good and the bad of buying foreclosure properties. 

Let my experience with British Columbia Real Estate foreclosure properties work for you!

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The two massive ogliopolies in Canada that provide an overwhelming 94% of web services to Canadians are Telus & Rogers. These two corporations are driving the agenda to meter your Internet usage and charge you based on how much you use. All the other companies combined are only 6% of the total market share yet Rogers & Telus feel threatened enough that they have petitioned the CRTC to allow them to practise metering of your data. If you watch streaming movies, play games or download music & software watch out, you will be penalized. Innovation and commerce will be stiffled. Perhaps what we really need is these large companies to be broken up as Ma Bell was in the U.S.

To fight this now we need an Internet Hero and that hero must be the chairman of the C.R.T.C. Konrad von Finckenstein who must have the courage to fight these anti-competitive companies many of us are forced to deal with. Please sign this internet petition today and join over 400,000 that already have.

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Vancouver British Columbia's Affordable Suburbs: Coquitlam, Port Coquitlam, Port Moody, & Maple Ridge

The Greater Vancouver suburbs of Coquitlam, Port Coquitlam, Port Moody (The Tri-Cities) & Maple Ridge are collectively known as the North East Sector of Greater Vancouver and have the most beautiful neighborhoods and affordable homes in Metro Vancouver real estate.

If you are looking for help buying or selling a home in the Vancouver, British Columbia suburbs look no further then Scott Leaf Real Estate Marketing of Keller Williams Elite Realty.  Scott's team of real estate professionals is big enough to look after you with care and precision without being so big that the left hand doesn't know what the right hand is doing.  Licensed REALTOR's® all, Scott Leaf, Teodora Leaf & Justin Wagner all take great pride in Total Quality Service and doing much more then just putting a sign up in the yard, believing firmly in marketing marketing, marketing!  Complete and effective use of the Internet to promote your home.

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Be sure to check out this great web site to get information about Maple Ridge, Port Coquitlam, Coquitlam & Port Moody : www.scottleaf.com Vancouver British Columbia's Affordable Suburbs: Coquitlam, Port Coquitlam, Port Moody, & Maple Ridge