Maria Mak. Burnaby Realtor - How a New Home Warranty check can save you (or cost you) lots

Attn: Strata Councils, Property Managers & Realtors

It's come to our attention that many folks are generally unaware of their upcoming Home Warranty Expiry Dates.

For example: Many strata corporations in the lower mainland are nearing their 15 month or 5-year (building envelope) New Home Warranty expiration date and don't even realize it. They will need to take immediate action to ensure all required repairs are adequately documented to all the authorities before the builder's obligation expires. If they delay, they will have to pay to repair construction defects out of their own pockets... To learn more please read this article:

How a New Home Warranty-Check Can Save You (or COST YOU) LOTS...!

Contact Maria Mak and her team @ 604-839-6368 or visit her website www.mariamak.com for all your premium real estate services, you will be smiling too.

 

Maria Mak. Burnaby Realtor - New oil tank removal regulations

Underground oil tanks are still a significant concern in Vancouver and the Lower Mainland because of the risk of environmental contamination, but also the legal liability to homeowners and Realtors®.

Did you know that as of May 1, 2014, the City of Vancouver has released new regulations for all underground tank removals: 

1. Soil sampling is now mandatory,
2. A new report template must be used, and
3. A qualified environmental professional must now sign off.

These are crucial steps in properly evaluating the environmental conditions of a property during the tank removal and in preparing a report for certifying the property for environmental compliance. 

Contact Maria Mak and her team @ 604-839-6368 or visit her website www.mariamak.com for all your premium real estate services, you will be smiling too!

Maria Mak. Burnaby Realtor - Important news if buying a 2nd home or self-employed

As of May 30, 2014, Canada Mortgage and Housing Corporation (CMHC) is discontinuing mortgage loan insurance for buyers of second homes.

CMHC is also making it more difficult for self-employed home buyers to qualify for mortgage loan insurance.

In Canada, home buyers with less than a 20 per cent down payment are required to buy mortgage insurance. The largest provider of mortgage insurance in Canada is the CMHC.

Second home buyers

This program offered mortgage loan insurance to second home buyers with less than a 20 per cent down payment. The program ends May 30 and could affect parents helping children buy their first home.

Self-employed buyers

This program previously allowed self-employed buyers to prove their income without traditional third-party validation. Starting June 1, 2014, the program will require self-employed buyers to prove their income with copies of their Canada Revenue Agency Notice of Assessment, audited financial statements, or unaudited financial statements prepared by an independent third party, for the previous two year period.

Both programs available until May 30

Regardless of the closing date of the home purchase, both programs are available for new mortgage loan insurance applications received by CMHC on or before May 30, 2014.

CMHC is reviewing its mortgage loan insurance business and making changes to reduce taxpayers’ exposure to risk.

Private insurers such as Genworth will still offer mortgage insurance to buyers of second homes and to self-employed borrowers unable to provide traditional sources of income validation.

Malaria Mak. Burnaby Realtor - Find out why a REALTOR® is your best ally when buying or selling your home.

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Contact Maria Mak @ 604-839-6368 or visit www.mariamak.com for all your premium real estate services, you will be smiling too,