Global TV recently aired that the Province of BC is going to soon allow 4 marijuana plants to be legally grown per household by adults over the age of 19. The problem with home cultivation is it raises concerns for myself as a REALTOR® and is begging the question how is our current real estate legislation and mortgage financing going to be affected?
As it sits, for years we as REALTORS® have been incorporating the following clause in offers to protect buyers.....
"The Seller represents and warrants that, during the time the Seller has owned the property has not been used for the growth of marijuana or manufacture of any illegal substances. This warranty shall survive and not merge on the completion of this transaction."
The big question now is how is this going to play out now? Is our industry now going to actually rewrite this clause or do away with it altogether?
It will now be a legal substance instead of an illegal substance and how will that affect us as REALTORS® not to mention financing and mortgage lenders? It used to be a big No No for banks to finance or touch anything that was a suspect grow operation of any size due to the illegal aspect of it and mold problems.
This should be interesting to follow and see how it plays out. How is our real estate and lending industry going to deal with this and reflect these changes to update our associations in the near future?
Blog post credits: Donna Fuller