Anshu Arora LLM, MSc, PMP

In this article we look at 3 different circumstances in which British Columbia real estate is dealt with after a person passes away.

Transmission to Surviving Joint Tenant

Many British Columbians own property in joint tenancy with another person, often with their spouse. A joint tenancy is a special type of ownership that arises when the title to the property specifically states that it is owned in joint tenancy.

If the words “joint tenants” are not specified on title, then ownership will not be in joint tenancy. When two or more people are on title and the words “joint tenants” are not present, the law presumes another type of ownership, called a tenancy in common. For tenancies in common, when one owner dies, that person’s share passes through their estate, not to the surviving owners. In a joint tenancy, when one joint tenant dies, the surviving joint tenant is automatically entitled to the deceased’s share of the property. Although the right is automatic, it is necessary to file paperwork with the BC Land Title and Survey Authority (LTSA) to make the transmission effective. Generally speaking, this includes filing the original death certificate and accompanying LTSA filing form (typically, a Form 17 Fee Simple) with the Land Title office, along with payment of a processing fee. After the LTSA processes the application for transmission to surviving joint tenant (this process may take a few weeks or more), the deceased owner’s name will be removed from title, leaving the surviving joint tenant as the sole owner.

Sale by Estate

Commonly, a person will give their executor the power to sell their property after they die, with the intention that the executor will distribute the proceeds among the deceased’s children or beneficiaries. This power is usually specified in a will. After a person dies, and before the executor can deal with the deceased’s real estate, the executor must be registered on title as the owner of the property. This requires a grant of probate from the Supreme Court of BC.

Once a grant of probate is obtained, the process to transmit title to the executor is fairly simple and is done by application with Land Titles. After the executor becomes the registered owner of the property, they are able to sell or otherwise deal with the property, subject of course to their duties to the estate as executor and to the deceased’s will, if any.

Transfer to Named Beneficiary under a Will

When a person names someone in their will who receive a gift of real estate, additional steps are required before the beneficiary can become the legal owner. Whenever real estate passes through the estate, the executor must first go through the process outlined above, including obtaining a grant of probate and applying to become the registered owner of the property. If the will names someone to receive a gift of property, the executor is generally obligated to transfer the property to the named beneficiary. This process can take some time, as the law restricts the executor from transferring real estate to a beneficiary for 210 days following the grant of probate. This rule is intended to protect persons who may have a wills variation claim if they were not adequately provided for in the will. There is an exception when all of the beneficiaries consent to the early transfer of the property before the 210 day period expires.

In practice, this means that a person who is named in a will to receive real estate in BC may have to wait a year or more before title can be transferred to them. This is because of the time it takes the executor to obtain a grant of probate (often 4-6 months after death) and the 210 day mandatory waiting period after the grant of probate is issued.

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5 per cent increase over June 2019 and a 0.3 per cent decrease compared to May 2020. Sales of detached homes in June 2020 reached 866, a 16.1 per cent increase from the 746 detached sales recorded in June 2019. The benchmark price for a detached home is $1,464,200. This represents a 3.6 per cent increase from June 2019 and a 0.5 per cent increase compared to May 2020.

Sales of apartment homes reached 1,105 in June 2020, a 17.4 per cent increase compared to the 941 sales in June 2019. The benchmark price of an apartment property is $680,800. This represents a 3.6 per cent increase from June 2019 and a 0.8 per cent decrease compared to May 2020.

Greater Vancouver market is resilient and its always a great time to invest!

This was a stressful time for us and Anshu came through big time. We were selling our parents estate (total of 3 properties) and were  overwhelmed by all the work needed. Then we saw one of Anshu’s ads and contacted him and he was amazing. He made the whole process of selling the estate easily. He is very knowledgeable and answered all our questions. Even our lawyer was impressed that we had a realtor with a Masters in Law!

J.S, Vancouver, BC

#LLM

#realtor

#kingslistings

#vancouvercondoking

#burnabycondoking

#surreycondoking

#richmondcondoking

Mold, asbestos, lead…No property owner likes to hear these words. But when one of these problems arises it needs to be addressed. Common solutions are abatement and remediation but what does that entail? Sometimes those words are used synonymously but there is a difference between the two.

Abatement involves removing the problem from the structure or encapsulating it in such a way that it no longer causes harm to others. Either way the first step is to seal off that area of the building. The best way to do that is to hang sheets of polyethylene and secure it with a polyethylene tape. The contaminated materials is then removed, placed into polyethylene disposal bags, and closed securely with tape. The remaining surface will need to be cleaned with a damp cloth and also a HEPA vacuum if the situation warrants it.

Remediation means addressing the underlying problem so it doesn’t happen again. The remediation plan, which includes an abatement strategy, should be created before any work begins. This usually involves having a professional service provide a written report outlining the scope of the problem, the source of the contaminate, recommendations for removal of contaminated materials, solutions for eliminating the initial problem, and what testing needs to be done.

Do you need to choose one method over the other? The answer lies in the type of toxic material in question. Since asbestos and lead were intentionally added to construction materials (before their health hazards came to light) once they are abated the problem is resolved. However as an organic material, mold needs the extra step of remediation. Unless you address the source of the moisture it will always return.

when a window is described as being single-glazed, double-glazed, or triple-glazed, it means the window has either one pane of glass, or two or three parallel panes of glass. Some manufacturers now use more modern terms of "single-paned," "double-paned," or triple-paned to identify these different designs. Windows with double or triple panes are often said to have "thermal glass" or "insulated glass."