Vancouver Condo Real Estate Video Blog #540 - April 28, 2010
Restrictive Covenants On Strata Property Titles Can Be Out of Date
Ian Watt video blogs about how Restrictive Covenants On Strata Property Titles Can Be Out of Date and the one that was on a $788,000 townhouse that Ian had recently sold stated that there must be a $2,000 home on the property - a Restrictive Covenant put on the property in 1944 by the Canadian Pacific Railway. You can find out more about the Land Titles Office at http://www.ltsa.ca/. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.
Ian Watt: Hi Good Afternoon, it's Ian Watt in Downtown Vancouver. I was selling a townhouse and the townhouse is actually is a fourplex four unit townhouse complex. It is a strata unit and its very interesting because there was a restricted covenant on the title and it was so old. It wasn't on the land titles busy on line where we could just pull it up and see what it was. So I need to go to New Westminster to find out what this restricted covenant was. And I went down to the land titles offer said 88 6th Street in New Westminster. And it was funny $7.50 later the there was a restricted covenant because in 1944 the land was sold from CP Rail from whoever owned it that time and the covenant was they have to keep a dwelling that is habitable. Which has an approximate value of over $2,000. The townhouse that we're selling on there was listed for $788,000 its amazing how things have changed. I guess that is 70 years later. It's amazing the values that have changed from 2,000 was the minimum dwelling you could have up to $788,000. Incredible! But the things you find out the land titles office are fascinating and if you need to know anything about your title or about a property that your buying make sure you head down to the land title office at 88 West 6th or 6th Street in New Westminster. My name is Ian Watt and if you have any questions. You could always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!