When Buying or Selling

Required information for all Sellers, Buyers and their Realtors/Agents

Buying or Selling in Parker Cove?

Here We Provide A Guide for Sellers, Buyers, And Their Realtors

Purchasing or selling a home in Parker Cove is a unique process, due to its self-contained Head Lease / Sublease structure.
This page outlines the responsibilities of each party involved — Seller, Buyer, and Realtors — to ensure clarity, accuracy, and a smooth Assignment process. Along with addressing the most common questions encountered by our offices during the sales process.

Quick Overview — What Sales Operations Make Parker Cove Different?

Parker Cove homes are not fee-simple land transactions!
Rather:

The land is CP (Certificate of Possession) land, with exclusive rights for the CP Holder.
The CP Holders have entered into a long-term Head Lease with ISC, to designate and hold a section of their CP Lands during the Head Lease Term length, with PCPLP being the Limited Partnership that operates and manages that section as the Parker Cove Development.
Subleases are transferred by Assignment through the PCPLP only.
All Assignments require PCPLP review and execution.
OKIB, ISC, and ILRS do not sign any real estate documents or the Assignment of Sublease for Parker Cove.
ILRS (Indian Lands Registry System) registration timelines can vary greatly, and cannot be expedited by the PCPLP, as they are separate entities.
BC Assessment obtains their updated information from ILRS after the registration process. The PCPLP cannot expedite this process, only help in a limited fashion if errors have occurred.

For Sellers and their Realtors - When Selling a Home in Parker Cove

Selling a home at Parker Cove involves procedures that ensure the Sublease Premises is compliant. Sellers and their Realtors where necessary, must complete the following steps, whether before listing, during the sale, or before Assignment of the Sublease can take place.

1. Notify PCPLP Early
Contact: info@parkercove.com
Early notice of listing and upcoming sales help prevent delays in document preparation.

2. Seller Should be dealing with all Relevant Information

The sale of the property is represented by the Seller, not the PCPLP.

Full disclosure of all Parker Cove related contract conditions and covenants are contained within the Sublease and its Schedules.

If the Seller does not possess that information, they themselves should reach forward to the PCPLP office.

Full disclosure of all Parker Cove related contract conditions and covenants is contained within the Sublease and its Schedules.

Do not be surprised if our office requires you to get information from the Seller.

3. Valid Property Inspection (Within 3 Months)
A compliance inspection is required of the Seller, performed by the PCPLP or one of its contractors or agents, to determine the state of the Sublease Premises prior to sale.

Be aware this is not a complete, industry standard, home inspection, but rather to ensure physical compliance to the contractual terms already agreed to in writing.

4. Confirm Official CLSR Monument Pins
Official CLSR Monument pins must be located and intact, and available for measurement.

Non official markers/monuments do not apply. For example: Rebar, and above ground markers indicating a general area.
If missing, a survey will be required at the Seller’s cost.

Encroachments beyond the federally registered official Lot Line boundaries are not permitted, and no Limited Commons License nor appurtenant have been granted by the PCPLP or CP Holders.

5. Correct All Physical Infractions
This includes but is not limited to any physical Sublease breaches such as structural issues, unapproved improvements, fire-smarting deficiencies, safety hazards or otherwise, that are not already accepted in writing by the PCPLP.

6. Clear All Outstanding Financial Obligations
Any and all outstanding amounts for your account with PCPLP, plus accrued interest, must be paid in full before Assignment can occur.

7. Ensure Compliance with Rules & Regulations
Rules & Regulations (Feb 2019 revision) form a part of the Sublease.

8. Prepare Proper Documentation to pass forward to the Buyer
This should include the Sublease with its Schedules, and all amendments, which include the current Rules and Regulations.
If you are missing your Sublease documents, a full reproduction set may be purchased from the PCPLP.

9. Prepare to Transfer Keys & Mailbox Items
This includes boat launch keys and community mailbox keys or any other relevant physical items.

10. Disclose Relevant PCPLP Correspondence
Only PCPLP-issued communications and documentation about the Sublease Premises are considered official. If any exist as to determinations of the Sublease Premises, these should also be provided to the Buyer for their own records. Ie., consented items in writing.

For Buyers and their Realtors - When Purchasing a Home in Parker Cove

Buyers should understand the Sublease system and complete the following steps before purchasing or taking possession.

1. Know PCPLP’s Limited Role
PCPLP does not mediate sales or guarantee property condition of a homeowner’s sale.

2. Submit Legal Names for Approval
Preapproval is required. Buyers or their Realtors must submit the full legal names of the Buyers to PCPLP before finalizing an offer.

3. Obtain Pet Approval
Must be completed before possession, and not all pets are guaranteed approval.

If no pre-approval for the pets has been given by the PCPLP, any pets in question will be ordered out of Parker Cove.

The PCPLP may require to meet with the owner and their pets to help determine temperament.

Parker Cove no longer approves aggressive breeds of dogs.

Special consideration may be given at the PCPLP’s discretion, provided full training certification can be provided for the dog, and the owner’s handling of that specific dog.

4. Review All Sublease Obligations, Including Schedules
Buyers should familiarize themselves fully with the Sublease and its Schedules, including the latest Rules & Regulations (2019 revision, which can always be found on this site).

Buying a home is a large investment after all, and you should be aware of all conditions surrounding it. Only you can put yourself into default of your contract.

5. Do Not Rely on Third-Party Information
PCPLP-issued documents are accurate.

This is an individual Sublease, and is non-collective with other homeowners.

Do not rely on items that are not directly related to your specific Sublease and its wording and covenants.

Once on Assignment, you are the accountable party for all items and scenarios derived from the actions of yourself or others you may bring into Parker Cove.

6. Obtain Other Keys and Items Associated with the Sublease
Request all mailbox keys, boat launch keys or otherwise from the Seller.

The Buyer should know that once on Assignment, if a Parker Cove mailbox is required, they must apply for one through the PCPLP at info@parkercove.com, you will then be given information to take into Canada Post.

7. Understand Property Is Sold “As-Is”
PCPLP does not perform Buyer satisfaction inspections.
Any physical issues with the Sublease Premises that may arise after the sale, if not the Buyers doing, must be resolved with the Seller, including items not discovered by the PCPLP but requiring correction at any time during the length of the Sublease Term. This is a normal part of Inurement of a contract. You as a Buyer are assuming the obligations and benefits being passed forward to you through the Assignment of Sublease.

8. Compliance After Possession
Once on Assignment, any new construction, alteration, or renovation, Sub-Sublets (Rentals), future pets, Guest RV’s etc. all require proposal for PCPLP review and consent.

9. For the buyers Realtor

Please ensure that you are guiding your clients to be aware of the conditions and covenants of the Sublease in full, including the associated costs of Common Area Contributions that will be notified in writing each fiscal year.

Final Note:

By following these guidelines, Sellers, Buyers, and Realtors can help ensure:

Transparent communication
Accurate expectations
Fewer delays
Smoother Sublease Assignments
A well-managed, respectful community environment

PCPLP is committed to helping all parties navigate the Assignment process professionally and efficiently.