Summerland & Penticton Okanagan BC Real Estate, Homes For Sale and Revenue Properties - Raymond MAASKE

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.

Heritage Home Arts & Crafts Home Staging-Before & After Photos

Our Vancouver, B.C. home staging company, Exit Stage Right, was called in to home stage this charming arts & crafts bungalow, built in 1914.  The home had beautiful bones, with wonderful, refinished wainscoting, lots of built-ins and nooks and crannies. 

However, the house just needed a little icing on the cake.  With all the woodwork, the home seemed a little dark and stark.  We brought in some softness with flowers, lightened up the dark wood by adding light coloured cushions, brought in a bit of spring with a cream and bright green colour combination, and added glamour and bling with shiny accessories, such as mercury glass vases. 

West Vancouver Staged Home - Before & After Photos



Here is a lovely home we recently staged in West Vancouver.  The home
 is over 4,000 square feet, and has a beautiful view, overlooking the 
Georgia Straight.  We used the homeowner's existing furnishings, and brought in accessories and artwork.  


BEFORE - The back of the sofa seemed a little unfriendly, and the T.V. in the living room was distracting.


AFTER - We rearranged the furniture to feature the fireplace as the focal point.

BEFORE - The dining room needed simplifying, and the dated stenciled walls need to be repainted.

AFTER - The dining room was simplified and the red accent colour brought in through artwork and a runner.

BEFORE - This homeowner loves to cook!  However, when selling, it's 
important to clear off as much of the counter space as possible, in 
order for the kitchen to look as spacious and orderly as possible.


AFTER - The counters were cleared off, leaving the most used 
appliances on the countertops, as the homeowners were living in the 
property for sale.  The kitchen cupboards were also painted to give a 
more up-to-date look.


BEFORE - The fireplace in the kitchen seemed a bit busy with the black and white framed photographs.

AFTER - The coffee table was removed, to showcase the fireplace, and 
bolder, simpler artwork was hung.  The block painted wall also helps 
define the fireplace.

BEFORE - The Master Bedroom seemed to lack that Wow factor.  


AFTER - Removing the heavy tapestry, and adding new bedding, helped create a beautiful focal point in this Master Bedroom.

The much anticipated Facebook Messages is slowly rolling out and much like Google did with Google Voice they are limiting the number of new users each day by making you ask for an invitation which you can do at:  Facebook Messages

Facebook Messages has always been the place for private exchanges on Facebook, and this won't change. With the new Messages, now you have easy access to all your private conversations with your friends in one place.

The new Messages interface not only displays the Facebook messages you exchange with friends, but it also interweaves your chats, texts and emails (should you choose to create an @facebook.com address). It's a central place to control all of your private communication, both on and off Facebook.

Now when you view a conversation, you're actually looking at a complete history of all the communication you've shared with that person on Facebook - it's like having an ongoing record of your friendship.

Also added a few key features:

• Faster interaction: If you want, you can send messages just by hitting your Enter key, so the new Messages is as fast (and as informal) as an in-person conversation.
• Integrated communication: No matter what you're using to communicate (Facebook, mobile or email), your conversation streams quickly and seamlessly into one place.
• Smart filtering: You'll always see what's important to you first - messages from the people you're close to take precedence over mailing lists.
• Revamped search: Search for either the person you were talking with or what you were talking about to quickly find your message and all the related context.
• Adding people to group conversations: Loop new people into the conversation, giving them full access to everything that's been said so far.
• Forwarding: Pass individual messages along to other friends.
• Unsubscribing, or removing yourself from a conversation: Leave a group conversation when you no longer wish to receive new messages.
• Sending attachments: In addition to sending links, photos and videos, you can now attach external files to your messages.

Harmonized Sales Tax - HOW IT APPLIES TO SUMMERLAND, PENTICTON, OKANAGAN, BC - RESIDENTIAL REAL ESTATE

GENERAL DISCUSSION
On July 23, 2009, British Columbia announced its plans to implement a Harmonized Sales Tax (“H.S.T.”) for B.C. effective July 1, 2010. The H.S.T. is a combination of the 7% Provincial Sales Tax (“P.S.T.”) with the 5% federal Goods and Services Tax (“G.S.T.”) for a single sales tax rate of 12%.

For consumers, goods and services (with some exceptions) will be subject to the H.S.T. in the same manner as they are currently subject to GST. This applies to real estate as well.

For both used and new homes, there are some extra costs for buyers or sellers but these are for the services required to buy or sell, not on the price of the home.

Buyers of used residential real estate can expect to pay H.S.T. on items such as home inspectors, appraisals and other such services. Lawyer fees will not change as they have been forced to charge P.S.T. for years.

Sellers of used residential real estate can expect to pay H.S.T. on realtor commissions, and any other services they may use (we can’t think of any).

H.S.T. has different implications for used residential real estate and new residential real estate. There are also different rules for commercial properties, mobile homes and other types of real estate. Below is an explanation of each situation.

USED RESIDENTIAL REAL ESTATE
There is no H.S.T. on the price of used residential real estate, much like the current rules regarding G.S.T. There are no extra closing costs on the purchase or sale of a used residential house, subject to the comments above.

NEW HOUSING
Here is where the costs will increase.

H.S.T. will be payable on the sale of new or substantially renovated homes, where the Contract of Purchase and Sale was entered into after November 18, 2009 and both ownership and possession of the home is transferred after June, 2010. H.S.T. will not be payable on sales of newly constructed or substantially renovated homes where ownership or possession of the home is transferred before July 2010, or where the Contract of Purchase and Sale is dated prior to November 18, 2009.

New Housing Rebate
The Provincial Government is proposing a New Housing Rebate (“the Rebate”) to ensure that purchasers of homes priced up to $525,000 would pay no more tax, on average, than under the current P.S.T.

The Rebate is 71.43% of the provincial component of the H.S.T. paid, up to a maximum of $26,250.00.

To illustrate this, let’s assume a purchaser is purchasing a new home for $500,000.00.

Note that in the above example the purchaser is paying about $10,000 more with the H.S.T. This is approximately 2% more than under the current G.S.T.

The government states that while sales of new homes in B.C. are not directly subject to the P.S.T., building materials used in the construction of homes are subject to the 7% P.S.T. The total amount of P.S.T., on average, embedded in the selling price of a new home is estimated to be equal to two percent. As a result, the government claims that purchasers of homes priced up to $525,000 would pay no more tax, on average, than under the current P.S.T. This of course assumes that the price of homes drop 2% due to the elimination of P.S.T. on building supplies.

Note also that the maximum rebate is $26,250.00. This means that the extra tax will increase dramatically for homes over $525,000.00. Consider the following example for a home priced at $900,000.00.

Using the above example, the purchaser of a new home priced at $900,000 will pay an additional $36,750.00 with the imposition of the H.S.T.

The new housing rebates would be federally administered in a manner similar to the G.S.T. rebates for new housing. Individuals would be able to file an application for the rebate directly with the Canada Revenue Agency. However, in the case of homes sold by the builder, similar to the G.S.T. new housing rebates, the builder would have the option of paying or crediting the new housing rebate to the purchaser at the time of purchase.

Other rebates
New housing rebates would be available for the provincial component of the H.S.T. paid for all types of housing eligible for G.S.T. new housing rebates. This includes rebates for the following:

New housing rebate – for purchasers of new houses together with leased land
New housing rebate – for purchasers of new mobile homes and floating homes
New housing rebate – for houses acquired through the purchase of qualifying shares in a housing co-op
New housing rebate – for owner-built homes
New rental housing rebates

Rather than retyping the government announcement on these rebates, please visit this link This has complete details on all of the above rebates. It also has information on rentals of new homes by builder-landlords and purchaser-landlords, as well as transitional rebates for partially constructed homes.

We have been unable to find information related to the change in use of properties (primarily short term rental property).

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice regarding your own situation.

Copyright © 2005 by Spagnuolo & Company Real Estate Lawyers. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.

Harmonized Sales Tax - HST- HOW IT APPLIES TO SUMMERLAND, PENTICTON, OKANAGAN, BC - RESIDENTIAL REAL ESTATE

FROM CONFUCIUS TO CONFUSE US! CHINA: A Survival Guide.  By Raymond MAASKE

By becoming so fixated on politics, we have been taken over by China. We are printing money faster than you can ‘shake a stick’ and relying on China (Japan and Korea) to buy US treasuries. Look at history, whoever holds the debt – holds the ‘power’.

Preface

Since traveling to China over 20 years ago as part of my university training I have been fascinated with China. That fascination continues and that is the purpose of this book.

As a ‘capitalist’ from the West in a Communist country I compare and contrast how things ‘really’ work here. As a father with four children in a country with a ‘one child’ policy you will learn more about the future as I uncover the life of children.

China is an amazing country but most amazing to me is that most of everything I thought and was taught is not correct. FROM CONFUCIUS TO CONFUSE US! CHINA: A Survival Guide will take you on a journey that is a real life expedition into the ‘heart, soul and mind’ of China and the Chinese people through a Canadian family who moved there to find out what China is really all about.

Confucius (551-479 BCE), according to Chinese tradition, was a thinker, political figure, educator, and founder of the Ru School of Chinese thought. His teachings, preserved in the Lunyu or Analects, form the foundation of much of subsequent Chinese speculation on the education and comportment of the ideal man, how such an individual should live his live and interact with others, and the forms of society and government in which he should participate.

Raymond MAASKE - Summerland & Penticton Okanagan BC Real Estate and Homes For Sale

Summerland & Penticton Okanagan BC Real Estate and Homes For Sale - Market Update for the Week ending January 15, 2010