On October 17, growing marijuana in your own home became legal. Before anyone does great caution should be taken! A lack of clear definition when it comes to remediation of ex grow ops still causes uncertainty and now whether a four plant legal growth is considered an issue to lenders' and insurers' creating their reluctance to accept potential risk of a property where marijuana has been grown, owners who have grown pot might be surprised when it comes time to sell.
Can growing 4 legal plants affect the sale of the home, chances are that even a few plants may impact the sale.
First, some buyers think this stigmatizes the property. It is not just about stigma. Some lenders and insurers may avoid homes where there has been growth. That means possible limited financing or if insurance approved paying increased premiums for insurance—issues that can impact the purchaser and any offered prices on your property. Some buyers may not want to even make an offer.
Disclosure of marijuana growth.
In general, the law and the Real Estate Council do not require disclosure of marijuana growth unless there is a Material Latent Defect, which means some danger or damage that is not easy to discover on visual inspection. However in most Real Estate contracts you will be asked if there was marijuana growth, if the Property Disclosure Statement (PDS) is used then asked if illegal growth took place.
Will growing legal plants impact my mortgage?
Simple answer it may, each lender has different rules you should further research policy.
Damage caused from marijuana growth will not generally be covered, the greater impact that could affect you they may not cover any damage if it is discovered there is any growth on the property.
Is there a safe way to grow?
They compare growing one marijuana plant to be equal to five normal house plants because of the extra moisture and lighting. Certainly there is a safe way to grow four plants by installing a professional venting and electrical system etc, the issue remains insurance, mortgaging and a defined remediation process.
In most cases growing a limited amount of plants in an owners house will not cause damage because the owner will monitor it, however there is a stigma to it right now.
Caution and research should be employed if you grow legal marijuana.
300 - 3303 Immel St. Abbotsford BC V2X 5Y1
1 - 32540 Logan Ave Mission BC V2V 6G3
O 604 859 3141 or 604 826 2699 F 604 859 5226 or 604 826 2621
Connect with us on Facebook:
Abbotsford real estate for sale, Abbotsford REALTORS®, and Abbotsford MLS® Listings. Access Abbotsford real estate listings, Abbotsford REALTORS®, new homes and Abbotsford foreclosures. We also have information on Abbotsford home selling, home buying and mortgages, movers and other realty services in Abbotsford and area.
Mission real estate for sale, Mission REALTORS®, and Mission MLS® Listings. Access Mission real estate listings, Mission REALTORS®, new homes and Mission foreclosures. We also have information on Mission home selling, home buying and mortgages, movers and other realty services in Mission and area.
Advantages for the Experienced Agent with HomeLife Glenayre Realty Co. Ltd.:
- Experienced Management
- Household name in local market
- Number one office in technology services
- Office of the future
- First paperless in Canada
- Latest web services including social networking