This blog deals with buying "part" of a lot and buying properties with tenants. This guest blog is written by David Simon.
"I have had some calls recently from agents that their client wants to sell "part of their lot. Usually a developer has bought or wants to buy the adjoining lot, the agent’s client has some extra width along the boundary, e.g. 7 feet, between eh lots and the developer needs the 7 feet to make his subdivision work. Under B.C.’s land registration system you cannot sell part of a lot. In order to accomplish what the developer wants, all of the client’s lot and all of the lot the developer was buying would have to be transferred into the developer’s subdivision application. Once the subdivision application process is finished the client would retain ownership of a new subdivided lot, being his old lot less the 7 feet, and the 7 feet would have been incorporated into the other new lots. Such a process has to be carefully structured so that the client does not end up paying, or minimizes the property transfer tax , he has to pay and that the client is protected in terms of the costs of the subdivision process and if the process is not approved.
If you as a client are buying a house and there is an existing tenant that has to be given notice to vacate, make sure that the agreement of purchase and sale not only provides that the vendor will give the notice required under s. 49 of the Residential Tenancy Act, but that the vendor agrees to give a copy of such notice to the buyer. This way the buyer can make sure the notice was properly given. If it wasn’t, there may be enough time to re-issue the notice. Remember that it is the vendor’s obligation to provide vacant possession on closing. If the tenant has not left by then, the vendor has to take the appropriate steps to have the tenant evicted. As most tenant notices would be effective the end of a month it might be better for a buyer, so as to see if the tenant has left, to close a few days after the end of the month."
David offers free short phone consultations. For clients he charges fixed all inclusive fees for transactions and will visit the client in the evening or on weekends to sign documents. His prices are inclusive of all taxes and disbursements, except for title insurance if required by the lender. And contrary to what people think a lawyer is not more expensive than a notary. As well he does commercial real estate work, including leases, corporate work and wills and estates.
DAVID M. SIMON BARRISTER & SOLICITOR
268 1440 Garden Pl. Delta, B.C. V4M 3Z2
Tel/fax: (604) 943-4045