Purchasing Property on Leasehold Land in West Kelowna
Purchasing Property on Native Leasehold Land in West Kelowna
Property on Native Land is self governed and separate from West Kelowna City's juristiction. When you purchase a property on Native Land you are buying a "Leasehold" interest in that property, not a "Freehold". Leases are typically 99 years with an option to renew for another 50 years. Westbank First Nations owns the land but the parcel of land is sub-leased to the 'Buyer' of the property. The amount you pay for the property is considered as "pre-paid rent.' You will generally get more value and living space for your money in comparison to freehold, which is worth bearing in mind, if space and living standards are what you require.
All documents relating to native leasehold properties are kept that the Westbank First Nation's office, not at the Distrcit of West Kelowna. You can obtain all docuements directly from the Westbank First Nations free of charge. You will want to obtain copies of the lease, occupany permit, a copy of the application building permit, utility permit, truss inspector's package and numerour other permits and certificates.
The lease itself is extensive and should be read in it's entirity to ensure you understand what you are signing. It will include a plan of the entire development. You ALWAYS want to do your due diligence when purchasing a property and make sure you hire a licensed REALTOR (R) to ensure your interests are protected.
For more information on Leasehold properties in the Okanagan, please contact:
Jackie Bradford, REALTOR(R)