MAILBOox

Beware of the danger
of ‘creative financing’

Dear Editor:

Various articles in the media
lately are bringing up the topics of
Creative Financing to solve some
of the problems in the Vancouver
Real Estate Market.

We manage over 1,200 rental
properties in Ontario, Alberta and
British Columbia. In the last three
months there has been a distinct
increase in the time it takes to rent

an apartment when a_ tenant
vacates.

Sales of existing housing have
also slowed down dramatically,
and why not? The population has
no idea what is going to happen.
Purchasers are walking from
their deposits and turning somer-
saults to get out of deals they
made three months ago. Any

minor problem will cause a sale to

Signs needed to
advise crab size

Dear Editor:

Congratulations to all concern-
ed in the beautification of
Ambleside and especially the new
fishing pier.

On numerous visits to the pier I
am greatly distressed by the
number of individuals fishing for
Dungeness and rock crabs and re-
taining their catch which is ob-
viously under size.

Durgeness crabs should not be
retained under 165 mm across the

Correction Notice
Store Hours

Capilano Mali
Fri. 29th June 1990
9:30 am - 9 pm
We are sorry for any inconvenience

this may have caused our
customers.

Metropolitan Life
announces a new
noteworthy
account
representative.

. CEC

BAVID P. HIN

Ans

oor

David P. Cechini

700-1176 W.Georgia St.
Vancouver, 8.C.
V6E 4A2

Dave has been appointed as an Ac-
count Representative by
Metropolitan Life.
At Met, we've found the person who
can best help you with retirement
and insurance planning. So cali on
Dave today. When you need sound
financial advice we can olfer our
great new player.

Some

GET MET. IT PAYS.

PEANUTS Characters © 1957, 1951 Unded Fealuea Syndicate. inc

Metropolitan Life

AND AFFLIATED COMPANIES

+ pAgIopetan Lile insurance Compare
Canaaa

back and rock crabs under 125
mm.

I have conveyed this informa-
tion to the Department of Fish-
eries with a request that they
patrol the area and enforce the
law.

Perhaps the installation of an
informational sign, paid for by a
few fines, would be useful.

Peter G. Howard-Jones
West Vancouver

collapse.

The reason for this letter, how-
ever, is the reference to ‘‘creative
financing’? techniques such as
having the vendor carry the mor-
tgage for the potential purchaser.

I cannot emphasize how dan-
gerous this practice is for two
reasons:

Carrying a mortgage means that
the vendor is receiving taxable in-
terest. Several tax cases address
this matter. Also, the vendor usual-
ly remains responsible for the
original mortgage unless he has
received a release from the mor-
tgage company.

Real estate sales people are ad-
vised to warn prospective vendors
of their potential liability in these
matters, but, in the excitement of
the sale, it is usually overlooked,
or misunderstood by the vendor.

Four years later, the vendor
finds that the person he or she
sold a house to has been in
default on the mortgage for eight
morths, and ‘would you please
send $14,243.57 by return mail.’’

David Ingram
& Associates Realty inc.
North Vancouver

"SUMMER CLEARANCE SALE-

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B 445-13th Street, West Vancouver

7 - Friday, June 29, 1990 - North Shore News

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