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Showing posts with the label Ownership

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
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Property Co-Ownership - Joint Tenancy and Tenancy in Common

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  When more than one person buys a property together, there are two types of ownership: Joint Tenancy and Tenancy in Common . What is Joint Tenancy ?   Two or more people own an undivided interest in a property. They are viewed as a single legal owner. When one joint tenant dies, the entire estate automatically vests in the surviving joint tenants. The result is that the surviving joint tenants gets the whole of the estate until there is a sole survivor. Joint tenants can’t leave their interests to anyone in their wills. However, a joint tenant can sell, mortgage or lease his/her own interest freely without requiring the consent or knowledge of the remaining co-owners. Also, a joint tenancy can be terminated What is Tenancy in Common ? In a tenancy in common, each co-owner holds a separate ownership share in the property.   Tenants in common may have different shares in the property. There is no right of survivorship in a tenancy in common. A tenant in common may leave his or her
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Freehold and Leasehold Ownership

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  When we look for a property, we often see the words “ Freehold” or “Leasehold”. These words represent types of ownership. Let’s go through the terms together. Freehold Base on the Real Estate Council of British Columbia’s definition, “ freehold” means the owner of the freehold interest has full use and control of the land and the buildings on it, subject to any rights of the Crown, local land-use bylaw, and any other restrictions in place at the time of purchase. Why are Crown, local land-use bylaws mentioned? In Canada, the Crown ( ie: Federal or Provincial government) is the only absolute owner of land. When we speak of “ownership” of a real property, it’s about a right to possess and use land for a period time. Freehold ownership has a right to possess and use land for an unlimited time. Leasehold Leasehold ownership has a right to possess and use land for a limited period of time. Leasehold properties have a lease term of at least 50 years,  but are frequently for a period of 99
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Location: Vancouver, Canada
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