Questions You May Wish to Ask
Questions are very important to ask when you are looking at properties, so don?t be shy to ask them. Here are a few that you may not know about.
Is there a Property Disclosure Statement available on the property?
Usually at the time of listing the seller is provided a ?Property Disclosure Statement? questionnaire to fill out. All the questions on the questionnaire are to be answered honestly by the seller. There is space available for sellers comments if information is required on a certain issue. This document should be reviewed and any questions arising from this document should be asked of the seller. Please ask you Realtor for a copy of such a document on the property you are interested in purchasing.
What is the Zoning on the property?
It is important to know what the zoning restrictions are on the property you are considering purchasing. Your Realtor should be able to guide you through this. They should be able to provide you with what zone the property is in and what the zoning restrictions are.
Is a Title Search available?
This is an important document to have reviewed before you purchase a property. This document will tell you if there are any registered mortgages, easements, restrictive covenants, rights of way which may affect the use or value of the property.
Restrictive Covenants ? Are there any restrictive Covenants on the property?
First of all what is a restrictive covenant? A restrictive covenant places a specific limitation on the owner?s use or occupancy of the property. The limitations are generally thins like prohibited type of exterior finish, minimum size of the structure, or the maximum height of the structure. These are examples of the type of restrictive covenants you may see. If you purchase a property with a restrictive covenant you must abide by it.
Are there any easements on the property?
An easement is a right or a privilege one party has to use the land of another for a special purpose. You may see easements given to companies such as telephone or electric, so they may erect poles and run lines, easements are given to people to drive or walk across someone else?s land easements are also given to gas and water companies to run pipelines to serve their customers. As an owner you can not build on an easement.
Fixtures and Chattels
Items contained in a building or on the land are described as either a fixture or a chattel. The difference between a fixture and a chattel is very important because fixtures stay with the property when it is sold, but chattels do not. Some things you may think are fixtures and are chattels. Please do not assume, ask your Realtor, if you are interested in keeping the particular item in question ask your Realtor to include it in the Contract of Purchase and Sale.
These are some questions for you to ask regarding homes and properties, next week I will give you some tips on what to ask when searching for Strata and cooperative properties.
Feel free to ask questions, Please submit questions to me in writing to Brenda Banham Dawson Creek Realty Ltd.: e-mail firstname.lastname@example.org
fax: 250-242-3256 or mail Box 1769 Tumbler Ridge, BC V0C 2W0.