Real Estate Vendors May Not Rely On Discretionary Conditions As A Basis For Accepting Competing Offers

In today’s real estate market, prospective purchasers may find themselves hastily making offers on properties, out of fear that someone else will beat them to the sale. To protect purchasers, realtors commonly include conditions in offers commonly referred to as ‘subject clauses’. Examples of common subject clauses include subjects to obtaining financing and inspection reports. Vendors will sometimes counter-offer with conditions of their own. If subject clauses are not waived or satisfied by the […]

By |November 8th, 2017|

New Zealand follows Australia in shutting the back door to foreign residential property investors

In one of her first acts as Prime Minister of New Zealand, Jacinda Ardern has announced legislative amendments to classify residential housing as ‘sensitive’ and introduce a test for residency. The effect of these changes to the Overseas Investment Act will be that non-residents and non-citizens cannot purchase existing residential dwellings.

These changes may seem protectionist, but actually mirror Australia’s existing prohibition on foreign investment in established residential property.

The overarching principle of the Australian policy, […]

By |November 6th, 2017|

Navigating Rental Exemptions Under The Strata Property Act

Tranquility Estates is a 180-unit residential strata corporation in Vancouver, British Columbia. Five years ago, the Tranquility owners passed a rental restriction bylaw, limiting strata lot rentals to 10. Since passing the bylaw, however, the community has been far from tranquil. Several owners have claimed entitlement to rent under the Rental Disclosure Statement. Others have alleged hardship, or claimed that the rental restriction bylaw does not apply to them. The Council wondered: if there’s […]

By |November 3rd, 2017|