Buying an Acreage:
Important Facts:
- Wells and septic fields should be 100 feet apart. Septic systems must be 50 feet from any breakout point.
- A site survey will ensure that there are no encroachments. Title Insurance is an inexpensive remedy to any potential irregularities and can protect you from fraud.
- Property condition disclosure statements can be made part of the contract.
- A house inspection by a certified inspector insures you know what you are buying.
- Wood heaters need an installation approval to be insurable.
- A permit to construct a septic system is mandatory to get a building permit and should be obtained before purchasing a lot. Permit application requires lot plan & detailed sketch of home & septic placement.
- Surface water is subject to the BC Water Act and may have a license on it, which would not be registered against the title.
- A protective screen of natural vegetation must be retained within a 7.5 metre (24.6 feet) radius of the trunk of a tree bearing nests of herons, eagles, osprey, vultures, falcons, hawks and owls.
- Non-Canadian residents will be subject to a holdback for Canadian tax on profit when they resell the property and a 25% withholding tax if they collect rent on the property.
- Water quality may vary from site to site and month to month.
- Well logs show the quantity flow on the date, which they are drilled, and may not be an accurate account of the current water supply.
- Property purchase tax is calculated on the fair market value of the property at closing.
- G.S.T. may be payable on acreages, or a portion of the acreage, particularly if they have been previously used for any type of farming or other business.
email: info@fvhg.com
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Everything You Need to Know About Buying, Selling, Renovating or
Financing - Real Estate in the Fraser Valley, and Vancouver area of Canada
