Registered Strata Plans

Writen by Luigi Frascati

‘Strata’ is the legal term used in British Columbia for a type of joint ownership of real property, in which portions of the property are commonly owned and other portions are individually owned. Colloquially, strata is referred to also as condominium or apartment unit.

To create a strata development, a developer must first subdivide the land, including any buildings, into designated parts for separate ownerships together with common features. This is done by depositing a document called Strata Plan at the Land Title Office. The plan must show which parts are strata lots for purchase by individual owners and which parts are common property.

Although the requirements for depositing a strata plan are very technical, every plan must show, among other things, the following:

[ ] a unique registration number (for example, SP LMS3729);

[ ] the boundaries of the land;

[ ] the location of all buildings (with the exception of ‘bare land’ strata developments);

[ ] a drawing distinguishing the strata lots from one another by numbers or letters in consecutive order;

[ ] the area of each strata lot;

[ ] a schedule of unit entitlements;

[ ] a schedule of voting rights, if there is at least one non residential strata lot;

[ ] any by laws that differ in any respects from the Standard By laws contemplated in the Strata Property Act.

Unit entitlement is the figure on which the strata units monthly maintenance fees are assessed. This usually takes into consideration the size of the strata unit, as well as the area of the limited common property that the strata unit has use of. If the strata council needs to raise $100,000 per year, and the unit entitlement is 18/1000, the monthly maintenance fee assessed would amount to $1,800 per year, or about $150 per month.

Copies of registered strata plans are available at the Land Title Office in the district where the strata development is located.

It is important to notice that a strata development is not the same as a cooperative building project (coop), in that the legal structure of a housing cooperative is different is some important respects.

In a housing cooperative, a corporation is created to purchase or lease and subsequently develop land for housing. The corporation is called the association.The corporation owns the land or building or, in some cases, leases the property from a landlord. An individual becomes a member of the cooperative by purchasing shares of the association. Typically, ownership of a share carries the right to occupy a unit in the cooperative housing complex.

From a member’s perspective, the most significant difference between a strata development and a housing cooperative is the nature of the member’s interest in the project. In a strata development, the owner buys and interest in a strata lot. So, therefore, the owner purchases real estate. Conversely, in a housing cooperative the member does not own an interest in land. Rather, the member owns only a share in the association, not real estate.

Luigi Frascati

Luigi Frascati is a Real Estate Agent based in Vancouver, British Columbia. He holds a Bachelor Degree in Economics and maintains a weblog entitled the Real Estate Chronicle at http://wwwrealestatechronicle.blogspot.com where you can find the full collection of his articles. Luigi is associated with the Sutton Group, the largest real estate organization in Canada, and is based with Sutton Centre Realty in Burnaby, BC.

Luigi is very proud to be an EzineArticles Platinum Expert Author. Your rating at the footer of this Article is very much appreciated. Thank you.

Affordable Apartments for Rent in the Salt Lake Valley

Writen by Heather McKinley Seymour

Often the first thing one does when searching for a home to rent is assess their income. For many Utahans with large families, liabilities or low wages, this can seemingly be a discouraging task. Utah’s economy is increasing and therefore the population is swelling right along with it. This progress is in turn nudging, or rather, shoving the cost of renting an apartment in Utah to levels that are surpassing previous years. Over the past four years, [Utah] has seen the cost of housing, both rental and owner occupied, rise more that 50 percent and rental vacancy rates drop to 4 percent or less (www.huduser.org/periodicals/pdrperio.html).

As daunting as this may seem, there are countless options for those who simply cannot afford these high rental rates. Realizing that this high cost of living drives away many important, but sadly underpaid community members such as school teachers, factory workers, small business owners and police officers, Utah’s legislature has passed the Utah’s Moderate Income Housing Law. This law requires communities to design individual strategies so that their low and moderate income inhabitants are encouraged to remain in the area. One of the programs that evolved with this process is the Low Income Housing Tax Credit (LIHTC) program, also known as Section 42 of the Internal Revenue Code.

The tax credit program is quite literally the shining star of the Moderate Income Housing Law. This is because the LIHTC program was created as an incentive for investors and builders to construct or remodel buildings specifically for the low to moderate income population. Because the program provides credits to be used against sizeable tax liabilities, many large and successful corporations are taking part in the tax credit program, building beautiful, and often luxury apartment communities that are desirable to many and affordable for even more. While ‘low income’ or ‘affordable’ housing was once met with opposition from developers and communities alike, affordable apartments both in urban and rural areas are showing up all over the state.

The stereotype of the low income family as only one that is destitute with scores of children also no longer stands, since the program supports single adults as well as single parents (and countless other living arrangements); and although the Low Income Housing Tax Credit program does not provide its credits for student, transient or life care housing, there are exceptions to many of the strict policies. Students (whether primary, secondary or collegiate) are permitted to reside at affordable housing communities so long as they meet the income requirements and there is at least one member of the household that is not a full time student. The tax credit program is also available for designated senior housing, active senior communities or 55+ apartment communities though care beyond social activities, amenities or basic housing is prohibited.

Check out a beautiful tax credit senior apartment community in Utah

The tax credit program is also specifically designed to promote the growth, welfare, and continued success of the families it assists. For example, as of February 1st, 2006 a one person household in Salt Lake County, Salt Lake City or Davis County applying for an affordable apartment to rent can make as much as $25,740 per year and still be considered for the tax credit program. Upon re certification (the following year), that same person can actually make up to $36,036 (140% of the original limit) as the program was intended to encourage families to increase their earnings and advance in their careers with the hope that eventually they will not need government funded housing assistance.

For information about several apartment communities that employ the Tax Credit Program in the Salt Lake Area, click here: Apartment Rentals in Utah

Heather Mckinley Seymour lives and works in Salt Lake City, Utah

Hot Summer Landscaping Tips for Home Sellers

Writen by Jeanette Joy Fisher

You might think it’s too hot to work outside on your front yard during this summer’s unwelcome heat extremes. However, if you’re selling a home, you might want to pay special attention to your landscaping. Your front yard needs to arouse buyers’ expectations and entice them into viewing the inside of your home.

Home buyers think they care more about the inside of a potential house than the landscaping, but in reality, most buyers won’t even get out of their car if the curb appeal lacks the promise of great features inside. Here are some quick and easy landscaping tips to get you in out of the heat fast and to get buyers interested in your home.

Summer Selling and Flower Color

Usually, I advise home sellers to use brightly colored flowers like yellow and red to catch buyer’s attention. However, if you live where the sun is making everything extra hot, make your home feel cooler with abundant white flowers. If you have gorgeous flowers in multi color, don’t rip them out. Just add a lot of white to tone down the exuberant warm colors. A few flats of white alyssum go a long way and this hardy plant holds up in extreme heat.

Cooling Greens

Add green foliage to cool down your landscaping. If you have a lot of boring dirt between plants, these brown areas look and feel parched. Also, hanging luscious ferns add a tropical flair to landscapes.

Shade

Add umbrellas for extra shade. You might find umbrellas at your local supermarket for better prices than at home improvement warehouses or discount stores. In our area, our supermarket and drug store has the best buy on umbrellas. Select umbrellas in cool colors; floral patterns look pretty but often have warm colors. Place your umbrellas in big pots or even in the dirt around your garden.

Stage Your Garden

Make your entire yard feel like it works hard to offer plenty of entertaining spaces. Set up a table and chairs in the far corner of your back yard. Add a white or green table cloth to the table setting and a vase of white flowers. Fabrics like cotton give a texture which feels cooler than metal or wood.

Add water features like a plug in fountain or simply a children’s play pool. Even if you have no small children, the water looks refreshing.

When you know buyers are on the way to preview your home, water. Wet lawns and foliage bring down the air temperature (unless you live in a high humidity area). A freshly watered lawn looks greener.

Set out iced tea, lemonade, and water. Offer your “guests” refreshment. Turn home shoppers into buyers. Get them to connect to your home because it feels like home.

Copyright © 2006 Jeanette J. Fisher

America’s “Dream Home” Maker, Jeanette Fisher, offers free Home Selling Guide and free home staging information at http://sellfast.info.

How To House Selling Series #1 House Selling Tip

Writen by Jeff Morrow

If I had to pick the #1 home selling tip, it would have to be this one. This may seem like odd advice, but the number #1 house selling secret is really taken from how professional, large scale home builders prepare new homes for sale.

If there is a new home tract near you, stop by for a quick look. It doesn’t matter what kind of track it is, big homes, small homes, or condos. What you will find are some wonderfully (but sparsely) furnished homes that anyone could live in with the emphasis on “anyone.” The homes are anonymous. There might be a baseball glove in the “boy’s” room, but no family photos on the walls. What you will find is a “personality” that fits the home builder’s target buyer but you will not find a person.

You might say that home builders can do no more than to dress up the house a bit to fill empty space, but you would be missing what builders and real estate professionals have known for years.

The reason you want to make your home “anonymous” is because you want buyers to view it as their own home. When a potential home buyer sees your family photos hanging on the wall, it puts your own brand on the home and momentarily distracts their need to “try on” your house to see if it fits.

So here is the advice. You’re moving out anyway, so put away family photos, sports trophies, collectible items, knick knacks, and souvenirs. Put them in a box. Rent a storage area for a few months and put the box in the storage unit.

Do not just put the box in the attic, garage or a closet. Part of preparing a house for sale is to remove “clutter,” and that is the next step in preparing your house for sale.

Jeff is the owner and partner of We List homes 4 Less, a full service, low sales commission broker serving Santa Clarita Valley real estate and Valencia, California real estate markets. Jeff is an advocate for using the Internet to promote niche, local businesses and to pass the savings onto clients. Their Website ranks in the top 99.75% of all Websites according to Alexa, a traffic rating service owned by Amazon. Find more ways to maximize the equity in your house by visiting the house selling advice section at We List Homes 4 Less.

Boston Real Estate 2nd Quarter

Writen by John C Ford

Boston Condo market: According to data obtained by LINK (the Boston real estate database) housing inventory increased by 69% from last year. The start of the second quarter looks like this for the week ending April 22, 2006:

Number of new listings: 246
Number of price changes: 233
Number of properties back on the market: 23
Number of properties off the market: 51
Number of properties under agreement: 99
Number of properties sold: 24
_________________________________________________
Total Housing inventory for Metro Boston area: 3,366

Round up of the March 2006 sales activity for Ma.

Activity in the states detached single family home market rose for the first time in six months with an increase of 2 percent from 3,373 homes sold in March 2005 and 3,440 sold last March.

Many experts contribute the increase in sales due to milder then normal winter New England weather and the threat of an increase in interest rates.

Condo sale continue to fluctuate, with the statewide selling price increasing 2.2 percent from last year at this time. This is the 87th consecutive month that selling prices have risen dating back to December 1998. The median price of $270,900 is down 5.9% from the record high median selling price of $287,900 set in July 2005.

Predictions of bubble babble and steep price declines have proven to be unfounded thus far. However, inventory in the number you need to watch as it is approaching a record breaking number not only in Boston but throughout the state.

boston condos

www.fordrealty.net

Las Vegas Real Estate: Rental Options

Writen by Shirley Simmons

There is a lot of ways to make money using Las Vegas real estate. With an estimated six thousand families moving in and out of the city monthly, there is a huge demand for shelter, temporary or otherwise. If you are thinking of establishing a rental business, you might want to consider these options:

Lower Income Area Multi Rentals

There will always be people who will never own a home. There will always be people who will never make enough money to get out of a lower income area. These are usually easier to rent because they are lower priced than the average homes, which appeal to the lower income families.

Home Rentals

Assuming that you have a little bit of money to invest, you can probably buy a house and rent that out. For instance, assume that you have $250,000. You find a good house priced at $500,000. Since down payments are usually fifty percent of the entire purchase price, you can use your money to gain conditional ownership of the house. Then you can turn around and rent/lease it out. This will enable you to make the rest of the payments outstanding, as well as make a little residual income.

By making intelligent decisions about your Las Vegas real estate, you can assure yourself of economic advancement.

Check out the Las Vegas buyer realtors at LasVegasBuyerAgent.com

Oklahoma Real Estate Cowboys and Indians

Writen by Raynor James

Oklahoma is a state that conjures up images of cowboys, indians, college football and dirt track racing. If these subjects appeal to you, you’ll be happy to learn Oklahoma real estate prices are very low.

Oklahoma

Once known as the Indian Territory, Native Americans and their culture heavily influence Oklahoma. This give the state a unique relaxed atmosphere with even Oklahoma City feeling less hectic than most cities. As to the geography, plains make up much of the state, but rolling hills can be found around the northern areas of Tulsa. Lakes can be found throughout the state, which provide plenty of opportunities for fishing, hiking and outdoor activities. All and all, Oklahoma offers a relaxed, inexpensive relocation option for potential homebuyers.

Oklahoma City

Oklahoma City is the largest city in the state and is typical of a Midwestern city. The city has seen a revitalization effort, but still maintains a certain relaxed atmosphere that is unique to the state. Unfortunately, Oklahoma City was also the location of the terrorist bombing of the Alfred P. Murrah Federal Building in 1995. Museums and memorials have been set up in remembrance for the loss of life.

Tulsa

Tulsa is an odd city because of two contrasting influences. On one hand, Tulsa has a pretty impressive art movement involving building architecture, museums and art galleries. On the other hand, Tulsa is an extremely conservative Christian town and is often considered to be the heart of the Bible belt. Despite these apparent contrasts, everything meshes incredibly well.

Oklahoma Real Estate

Oklahoma real estate prices are universally on the low end of national prices. A single family home in Oklahoma City and the suburbs will cost $185,000 on average. The same home will set you back roughly $145,000 in Tulsa.

With such low prices, one can’t expect to see a soaring appreciation rate for Oklahoma real estate. In 2005, property appreciated at a little over five percent.

Raynor James is with the FSBO site FSBOAmerica.org homes for sale by owner. Visit our home buying page to view and buy Oklahoma real estate.

Avoid Home Buying Blues at Closing

Writen by Raynor James

Buying a home is a stressful and emotional affair. You can avoid the home buying blues by keeping your cool at closing.

I’ve just come from a settlement table at which a friend bought a new condo. It’s beautiful, convenient and just what she wanted. However, at the settlement table she and a relative whom she clearly loves got into a tiff with each other. What should have been a happy occasion was almost spoiled. Thank heavens they got themselves together and the situation was saved, but arguments and hurt feelings are frequent at settlement tables and on moving day. It doesn’t have to be that way.

The Trauma of Change

Changing one’s home is right up there with the big changes in life – birth, death, divorce, and retirement. Most of us recognize the trauma of the first three. Many of us recognize the need to prepare mentally and emotionally for retirement. Few of us realize how badly buying and moving into a new home frays our nerves and shortens our tempers. It can have serious consequences. I’ve seen deals blow up, and almost blow up, because of it. (Sometimes the protagonists are the buyer and seller.)

Mitigating Moves

There are a number of things you can do to ensure that the day you buy or sell your home is calm, sane and happy. Let’s consider some of them. Some are easy. Some harder. You’re apt to think of some which will be unique to you and your family.

First of all, simply realizing that these are flash points and discussing it with family members is a good starting point. There are many decisions to be made and much work to be done. Life is about to change for everyone who is a party to the process. It helps to just acknowledge that you’ll need to work together so that it’s a good experience for everyone in the end. Remember the expression, “I need to take a deep breath and get my equilibrium back.” Clue in family members when you feel the tension rise.

Get a good night’s sleep the night before the settlement. Have a good, unrushed breakfast. Have someone you know well look after small children and pets until after settlement; you don’t need distractions during a large financial transaction.

At settlement, ask questions about anything you don’t understand. Use a quiet, neutral voice. Don’t sound like you are accusing someone of something. Simply ask for information and clarity. Don’t feel rushed. Take the time to understand. Many of the arguments I’ve seen at the settlement table happened because someone assumed something and didn’t ask about it. They just pitched into an irritated tirade. Not a good idea.

What if your questions turn up an unexpected and unacceptable answer? Let it be known that you expected it to be handled another way and why. Listen to any explanation calmly. Evaluate it. Does the other person have a valid point? How much difference does it make to you? Remember, it isn’t necessary to have everything exactly as you’d like in order to have the transaction go well for you. Keep the big picture in mind. You don’t have to be right about everything, nor do you have to win every point in order to be pleased with the final outcome.

Whether you call it settlement or closing, the final meeting will be stressful even if absolutely everything goes perfectly. Make sure you get through it by minimizing the stress.

Raynor James is with http://www.fsboamerica.org FSBO homes for sale by owner. Visit our “sell my home” page at http://www.fsboamerica.org/seller.cfm to list homes for sale by owner. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.

Mobile Home Community Parks

Writen by Seth Miller

Mobile home community parks are areas where several mobile homes are put up together. The people residing in the homes may be the owners of the homes themselves, or they may be tenants living in the homes on rent. There are about 1,500 to 2,000 mobile home parks in the USA.

In the earlier days, mobile home parks were referred to as trailer parks. The constructions of the homes were often shoddy and of low quality. These parks did not conform to hygienic standards. All these factors led to trailer parks being considered substandard and indicative of a low societal status. However, perspectives have changed in modern times. Mobile homes are today better structured and organized. They have to adhere to guidelines laid down by the Housing and Urban Development Code. Some mobile home parks today sport doublewide homes which are built of almost the same materials and are as beautifully crafted as on site homes.

The basic purpose of mobile home parks is often to rent them out. Owners offer their homes to people for rent, even sometimes sourcing their livelihoods through them. In rural areas, the tenants have rights over the entire home as well as the pads surrounding them. However, in more desirable areas, tenants can have rights only over the space within the home, and not the home itself. The home remains the possession and the liability of the owner. This explains the higher standards of modern mobile home parks.

Mobile home community parks are considered to be housing solutions in times of disaster. During natural calamities such as floods, hurricanes and earthquakes, the people rendered homeless are often put up in mobile home parks run by governments. Other than that, mobile home parks provide residences to victims of war and refugees. Such mobile home parks are totally maintained by governments and are temporary settlements. People living in them do not have to pay any rent, or perhaps have to pay just a nominal amount for their upkeep.

Today, doublewide homes are becoming much popular in mobile home parks. Mobile home parks look more sophisticated and are better managed than their earlier versions. Singlewide homes are still popular in certain places, but overall their number is slowly dwindling out.

Mobile Homes provides detailed information on Mobile Homes, Mobile Home Community Parks, Mobile Home Rental Dealers, New Mobile Homes and more. Mobile Homes is affiliated with Motor Home Rentals.