Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Life Tenant

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A friend of mine told me her friend’s situation with a property one day. I think it may be an interesting topic to some people.  To make thing easier, let’s name a couple "A" and "B".  "A" was married to "B" who was much older than her. "B" has a daughter. "B" would like "A" to still live in his house after he dies, but pass the ownership to his daughter.

Regarding the situation, "B" should make a will which create a life estate in favour of "A", with the remainder of B’s house going to his daughter. After "B" passes away, his daughter would appear on the certificate of title as owner, A’s life estate would appear as a charge. 

What is a “life estate”? A life estate is an estate in land that lasts for the lifetime of the holder, who is called a life tenant. A life tenant is entitled to all the rights of use and possession of the land, and received any revenues. But a life tenant doesn’t have a right to sell the property. 

What is a “ remainder”? A remainder is the person that is entitled to the property once the life tenant dies. In this case, "A" will be the life tenant and B’s daughter will be the remainder.

The life tenant is liable for all yearly operational expenses, including electricity, water, heat and taxes, and for the payment of interest if there is any outstanding mortgage. The remainder is liable to pay the principal on any outstanding mortgage and any insurance premiums. 

If you need more information regarding ownership, please click here or contact me at awang@macrealty.com 

 

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