Investigating a “tenancy in common” could be a viable option for many first-time home buyers that are attempting to address the challenges of buying pricey homes on the North Shore. Many first-time buyers are being priced out of this market because they are unable to save the huge down payment or qualify for a mortgage. One solution to these problems is buying a home with a suite or a coach house or to co-buy a home with with friends or family. Some people call these "mixed mortgages”. The best way to describe it would be a tenancy in common.

 
Things to consider when setting up a TENANCY-IN-COMMON**
(**this is not to be construed as legal advise – you MUST CONSULT a LAWYER for proper advise and to determine your unique situation)

A legally binding document needs to be drafted that covers all of the different circumstances that may arise. This partnership or joint venture agreement should cover at least some of these basics: 

• Who pays for the purchase and maintenance of the house, and how ownership is divided.
• Sales agreement in case one side wants to sell their share.
• How the property will be divided if the friends/family decide to separate or if one person dies.
• Enclose a first right of refusal clause into the agreement so whoever wants to stay has the ability to own the entire residence.
• Regardless of who you’re buying with, whether a friend or sibling or parent, you must consult a lawyer and draft legal papers.
• Pay attention to unbalanced arrangements at the outset. For example, if you’re contributing 100% of the down payment but the two parties will be splitting the expenses, you might want to be clear in your agreement that your down payment should be returned to you upon sale before profits are split.

Read an additional article on building a "COACH HOUSE" on the North Shore for even more options...CLICK HERE...



So, whether you are moving out or moving up - Contact me for a FREE CONSULTATION or to set up an Automated Personal Property Search. I will provide you with all the best MLS matches to your specific property needs, often days before they reach the public sites! Get a Buyer's Package complete with information about the Buying Process, Financing Options, Home Ownership Assistance Programs and more!

  Metro Vancouver residents must now monitor their watering schedules as the regional district has put water restrictions into effect beginning June 1.

Residents of North Vancouver City, North Vancouver District, and West Vancouver District must comply with water restrictions outlined below between June 1 and September 30, 2015:

Residential:

• Even-numbered addresses may sprinkle lawns 4 a.m. – 9 a.m. Monday, Wednesday, Saturday.
• Odd-numbered addresses may sprinkle lawns 4 a.m. – 9 a.m. Tuesday, Thursday, Sunday.

Non-residential:

• Even-numbered addresses may sprinkle lawns 1 a.m. – 6 a.m. Monday and Wednesday
• Odd-numbered addresses may sprinkle lawns 1 a.m. – 6 a.m. Tuesday and Thursday
• All non-residential addresses can also sprinkle 4 a.m. – 9 a.m. Friday.

New (unestablished) residential and commercial lawns, trees, shrubs, and flowers

• Sprinkling outside restricted times allowed only at the discretion of each municipality and with special permits to be displayed on lawn.

While water restrictions normally take place every summer, the region is currently coming out of an unusually warm and dry winter season, causing lower-than-normal snow packs and fresh water accumulation.

Watering outside scheduled days and hours may result in a $250 fine if caught. Municipality officials will be monitoring residential and non-residential water use, and residents can also report offenders to their local governments.
REPORT TO:
North Vancouver City - Engineering, Parks & Environment: 604.983.7333
North Vancouver District - General Enquires: 604.990.2311
West Vancouver District - Engineering: 604.925.7020

Vancouver is currently at Stage 1 of water restrictions, but could move up to Stage 4 during the summer if water reservoirs cannot keep up with demand. Stage 4 prohibits all lawn watering, garden watering, refilling private pools, spas and garden ponds, public water play parks and pools, public and commercial fountains, surface washing, pressure washing, vehicle washing, watering golf courses, turf farms, artificial turf and tracks, school yards and fields and cemetery lawns.

Metro Vancouver states that as much as two billion litres of water a day are used in the region during the summer, mostly due to outdoor use. Restricting lawn watering to morning hours eases the demand for water during the evening when most people prepare meals, wash dishes, do laundry, take showers and perform other domestic activities.

One hour of lawn sprinkling uses as much water as 25 toilet flushes, 5 loads of laundry and 5 dishwasher loads combined.

The following municipalities reside in Metro Vancouver and are effected by water restrictions:

• Lions Bay
• Bowen Island
• West Vancouver
• North Vancouver District
• North Vancouver City
• City of Vancouver
• Electoral Area A (UBC)
• Burnaby
• New Westminster
• Coquitlam
• Port Coquitlam
• Port Moody
• Belcarra
• Anmore
• Richmond
• Delta
• Tsawwassen
• Surrey
• White Rock
• Langley City
• Langley Township
• Pitt Meadows
• Maple Ridge