Non-Resident Buyers and Sellers of Real Estate

Spagnuolo Law | July 4th, 2018 | Legal Issues / FAQ's

There are certain legal and accounting issues that arise when a non resident of Canada acquires or sells property in Canada.  These issues are set out below. Non-Resident Sellers The Income Tax Act of Canada provides that whenever a non-resident disposes of property, the non-resident is required to pay the appropriate amount of taxes on […]

Land Owner Transparency Act White Paper for Consultation

Spagnuolo Law | June 21st, 2018 | FAQ's

The provincial government has announced the creation of a new, publicly accessible, beneficial ownership registry. In their words: This registry will be the first-of-its kind in Canada and will provide valuable information about the true ownership of real estate in B.C. It will hold public records on the individuals behind numbered companies, offshore and domestic […]

How to Discharge a Non-Financial Charge from Title

Spagnuolo Law | May 29th, 2018 | FAQ's

As we have emailed you previously, it is rare to see a land title search which does not contain non-financial encumbrances registered. Many such charges are not in favour of utilities and public authorities and therefore must be discharged from title by the vendor. Others are simply old and outdated, and the prospective or current […]

Non-Financial Charges concern to buyers and realtors

Spagnuolo Law | May 15th, 2018 | FAQ's

As we have now reviewed over 8,500 titles in the last year alone, with almost 50,000 charges in our library, we have come across a few that should be of concern to potential buyers, and their realtors. We have seen: 1. Covenants in the Fraser Valley, which notifies everyone that the lands are in close […]

2018 BC Supreme Court Decision Charges on Title

Spagnuolo Law | April 25th, 2018 | FAQ's

Even if you have no interest in Terra Firma Title Review, or are outside our market areas, you need to know about a 2018 British Columbia Supreme Court decision, which reminds everyone that certain non-financial charges may need to be removed from title on closing, failing which the Buyer may not be required to close. […]

Non-Financial Charges

Spagnuolo Law | April 17th, 2018 | FAQ's

Re: Non-Financial Charges Good morning, I think I should have had another coffee before sending out the earlier email regarding non-financial charges. While I am trying to convince all realtors to sign up for our title review service, for now the service is limited to realtors who work in the Lower Mainland. As this time […]

Non-Financial Charges

Spagnuolo Law | April 17th, 2018 | FAQ's

Re: Non-financial charges Good morning, now that PTT and the Foreign Buyers Tax have all been dealt with, and while we are waiting for details on the Speculation Tax, we thought it would be a good time to send a few emails dealing with non-financial charges on title. First, a bit of a disclaimer on […]

Property Transfer Tax Calculator Spagnuolo and Company

Spagnuolo Law | March 1st, 2018 | FAQ's

Hi everyone, just a quick note that our PTT calculator has been updated to reflect the latest changes – https://www.bcrealestatelawyers.com/ptt-calculator/. Huge thanks to the team at Ballistic Arts for getting this done so quickly. I am away the next few weeks but upon my return the next few emails will focus on non-financial charges on […]

2018 B.C. Budget Foreign Buyer Tax and Property Transfer Tax

Spagnuolo Law | February 21st, 2018 | FAQ's

Further to our email yesterday, here is a bit more information. I have tried to answer all of the questions that I received, so if you sent me a question the answer should be below. If not, I have no information in response to your question. FYI if you appreciate these emails but are not […]

2018 B.C. Budget

Spagnuolo Law | February 20th, 2018 | FAQ's

While we are still trying to work out the details, here is what we know of today’s provincial budget as it relates to real estate. The foreign buyers tax goes to 20%, effective tomorrow, and is now applicable in Capital Regional District, Fraser Valley, Central Okanagan and Nanaimo Regional District. No doubt many deals will […]