Mark Walker is a real estate agent and the agent / owner of Kelownas Walker Real Estate.
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July 28, 2018 – 12:00 p.m.
OPINION
The bright, hot, dry summer days are just around the corner – the temperatures are expected to be scorching again this weekend – and as nice as that is, we all know that this also harbors the very real risk of forest fires. We have seen some major fires this year, and it is a long time to come. We haven’t quite had the smoky sky of 2017, but so far we’ve certainly had one or the other hazy day.
We’re very lucky in Kelowna. Apart from the natural splendor of our region, we are relatively safe from life-threatening natural disasters – the big exception is of course forest fires.
Forest fires and their danger are part of life inland. In other words, they generally come as no surprise. So what can you do to prepare for this eventuality from a Kelowna property perspective?
Some of the best advice I can give is to be prepared – I know, I know … you think, “Thank you, Captain Obvious,” but what I mean by that is don’t wait for there to be an active fire around you there before you start researching and planning.
In the event of active wildfire, you should expect delays in completing your real estate transaction. This is because new insurances are not granted if wildfire burns within 50 km of the property.
Important! Sellers are not allowed to cancel their insurance until they have received the money from the sale. In most cases, sellers remain responsible for a property until 12:01 p.m. on the completion date – this includes the obligation to take out appropriate insurance. If the completion date is postponed, there is no compulsory insurance.
Make sure you are getting the best advice possible – this is important at all times, especially when forest fires are raging. Yes, a wildfire clause can be included in a contract, but it is not necessarily a catch-all. There are many things to consider, especially when a down-of-market, downstream business is part of the equation.
In addition, many new subdivisions have Forest Fire Pacts – community requirements for certain restrictions and requirements for land in potential border fire areas. Make sure you are getting the best real estate and legal advice so you can make an informed decision.
Fortunately, despite the fire hazard in our area, property destruction (and deaths in particular) from forest fires is rare, but you should always plan for the worst but hope for the best. At least if you’re working on a deal with an active fire in the area, you’re likely to encounter delays.
If you have any questions about the Kelowna real estate market please contact me. I am always happy to chat real estate! The Walker Real Estate office can be reached at 250-764-4344.
—Mark Walker is a real estate agent and the broker / owner of Kelownas Walker Real Estate. His company operates KelownaProperties.com – Kelowna’s most comprehensive property search tool – and KelownaCondos – your source for everything you need to know about Kelowna condominiums.
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