Assignment of Contract and Purchase and Sale BC 

What you need to know about assigning properties.

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Written By: Mariko Baerg, REALTOR of Bridgewell Real Estate Group If you’re looking for a realtor to help you assign a property, call me today ! 

There have been a number of pre-sale condos popping up in the Lower Mainland, and rezoning is happening in a number of places to allow for new residential buildings.

This blog will teach you what an assignment of contract of purchase and sale is and how it works.

With so many presale developments popping up, it’s important that you know your options with your presale and how to handle them safely.

To make this as easy as possible, we’ve written this blog in a question answer format for understanding an assignment of contract in real estate.

Assignment of Contract and Purchase of Sale BC: What is an assignment?

An assignment of contract in real estate is a transaction of a home in which the buyer of the property “assigns” or transfers their rights and obligations of the Agreement of Purchase and Sale previously agreed to another buyer before the original buyer closes on the property. In this case, because completion has not occurred, they are not the legal owner for the property yet, thus they require consent from either the seller or the developer(often times the developer).

This can occur in both resale and presale homes; however, assignments are most commonly found in presales where there is a longer closing, often 5 years away.

When can I assign a home? Are there any restrictions?

You will have to refer back to the original contract of purchase and sale to determine whether or not you are able to assign the home. Some terms you may encounter, specifically for presales, are:

  • The developer or seller’s approval
  • Resale profits must be split with the seller unless otherwise agreed to in the contract
  • Marketing can be very tricky. MLS (multiple listing service) restrictions for online marketing may be prohibited, many developers do not allow the advertising and sale of assignments until the building is sold out.
  • A time frame when you cannot assign the contract
  • An assignment fee to be paid to the developer in the presale scenario, usually 2-5% of the sale price.

Why do assignments occur?

Assignments often occur when a presale has appreciated significantly in value prior to completion. The current buyer would like to take the appreciation (often called a “lift”) while it’s up, and assign it to another buyer.

Are assignments legal?

Yes. Real estate contracts are assignable under the law unless the contract expressly forbids it.

In the past – “Shadow Flipping”:

It used to be the case where buyers could “shadow flip” in residential sales, and did not require the sellers approval in order to assign the property prior to completion. This was a huge issue in residential real estate sales in 2015 particularly, and was subject to scrutiny by the public and news broadcasters.

The Real Estate Council of BC has since required that an assignment needs to be approved by the seller and profit be split equally between the current buyer and the seller once assigned. The contract of purchase and sale for resale residential properties has also been updated to avoid “shadow flipping” and assignments without the sellers knowledge. The restriction of assigning properties for profit only applies to resale, and presale can still be assigned at the discretion of the developer.

Assignments now occur in residential resale real estate more-so in some kind of emergency from the buyer, where they are unable to complete for whatever reason like a loss of employment, death, or critical illness. In resale, assignment of contract for profit is less common now than it used to be.

What are the advantages of an assignment for the current buyer assigning the contract?

  • The assignor (current buyer) can most likely avoid the builder’s closing costs and property transfer tax associated with the subject property;
  • The assignor may not have to pay the additional taxes (i.e GST) rebate back to the Builder if they intended to occupy the property.
  • The seller/assignor avoids the carrying costs (mortgage, maintenance fees, taxes, etc.) for the time between listing the property and selling a property that is already completed.

What are the advantages of an assignment for the new buyer?

  • The assignee (new buyer) may receive a better price than other current properties on the market. This will also depend on the current buyer’s motivation to sell;
  • The assignee will receive a brand-new home and may also have the opportunity to make finishing selections, such as the kitchen or bathroom colour scheme, depending on when the assignment takes place;
  • The assignee may be able to avoid Property Transfer Tax if the original Agreement of Purchase and Sale is under $750,000;
  • The assignee may be able to take advantage of the deposits of the original buyer and be able to put less of a down payment on a property than he would otherwise have been able to.

Are there any restrictions involved with assignments when selling?

Yes, there are a number of restrictions that the developer can put in to the contract that make assigning a home more difficult. The most common restrictions are:

  • Marketing/MLS restrictions  – Your realtor may not be able to advertise on the MLS, so it’s important that you hire someone with a history in presales and a great network
  • Sales restrictions  – The developer will often put restrictions on the number of units that can be assigned at a time, as well as restrictions such as not being able to assign until the building is 100% sold. Refer to the contract for details on restrictions.

Fees associated with an assignment?

If this is a resale home that you are assigning, you will most likely have to split the profits of the assignment with the seller unless otherwise agreed to. Typically there are extra legal fees and there is an assignment fee to the builder if it is a presale assignment.

As previously mentioned, most assignments have the new buyer taking full responsibility for the contract; however, it may be the case where the new buyer and the original buyer have agreed to split some adjustment costs.

You’ll be listing the property, so you will also have to take in to account realtor commissions when assessing your net profits on an assignment.

Are there tax implications on assignments?

If you are unsure about the tax implications, it is always best to speak to an accountant to determine an estimate on what you may incur.

In general though, any profit from the assignment of a property that goes to the current buyer, after having been split out to the seller if previously agreed upon, is subject to tax as part of your income. With regards to property transfer tax, and any goods and services tax on the property, this is typically paid by the new buyer as they are responsible for taking over the contract of purchase and sale in its entirety, unless otherwise agreed upon.

Are there risks involved?

It is very important to make sure that the new buyer is willing and able to take on the assignment as well as all terms and conditions of the contract of purchase and sale. If the assignee, the new buyer, does not follow through with the completion on the sale, the responsibility to close usually defaults back to the original buyer, the assignor.

——

If you are thinking about assigning a property, make sure to talk to a realtor first to determine whether or not you will make a profit. They’ll need to take a look at your original contract, and also assess the current market to determine an estimate of the market value of the subject property.

There is no guarantee that there will be profit associated, in fact there may be a loss in a declining market. Your realtor will have to factor in all costs associated, such as fees and commissions, in order for you to make the best decision.

If you’re thinking about assigning your contract, give us a call today to see what’s right for you: 604-765-0376 . Prefer text? 604-319-0200 or email [email protected] to start a conversation.

Make the home buying process straight-forward from the start. Talk to one of our realtors today.

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Want to talk right now? Give us a call  604-765-0376 or text 604-319-0200 .

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Related Articles: 

  • 8 Reasons to Hire a Realtor When Purchasing a Presale
  • Pre Construction Condo Payment Schedule
  • GST on New Homes in BC

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bc real estate assignment of contract

Real Estate Assignment of Contract in British Columbia

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In the realm of real estate transactions, various methods exist for buyers and sellers to navigate property deals. One such method that has gained traction, especially in British Columbia, is the Assignment of Contract. This innovative approach has its own intricacies and benefits, making it important for both parties involved in the process to understand its mechanics. In this blog, we’ll delve into what a real estate assignment of contract is, its implications, and key considerations in the context of British Columbia.

Understanding the Assignment of Contract

A real estate assignment of contract involves the transfer of rights and obligations of a purchase agreement from the original buyer (assignor) to a new buyer (assignee), before the original contract’s completion. Essentially, the original buyer assigns their position in the contract to another party, who then takes over the responsibilities of purchasing the property. This type of transaction can occur in various real estate sectors, such as residential, commercial, and even pre-construction projects.

Key Benefits of Assignment

  • Profit Potential : One of the primary motivations for engaging in real estate assignments is the potential for profit. The assignor can often sell the property for a higher price than their original contract, thereby capitalizing on the property’s appreciated value or market demand.
  • Flexible Exit Strategy : Real estate assignments offer flexibility to buyers who might have encountered unforeseen circumstances and are unable to proceed with the initial purchase. Instead of forfeiting the deposit or facing contract cancellation penalties, the assignor can transfer the contract to a willing buyer.
  • Access to Desirable Properties : Assignees can gain access to properties that might otherwise be challenging to acquire due to limited availability or high demand. This is particularly common in markets where properties are quickly snapped up.
  • Reduced Hassle : For assignors, selling an assignment can be less complicated than selling the property outright, as they avoid the process of listing, marketing, and showings.

Assignment Process in British Columbia

In British Columbia, the assignment process involves several key steps:

  • Disclosure : Assignors must inform the original seller of their intent to assign the contract. While it’s not mandatory to obtain the seller’s consent, some contracts might include specific clauses regarding assignment.
  • Negotiation : Assignors negotiate terms with potential assignees, including the assignment fee, which is often the profit the assignor intends to make from the transaction.
  • Documentation : Assignors and assignees create an Assignment Agreement detailing the terms of the assignment, the assignment fee, and any other relevant conditions.
  • Consent : In British Columbia, many contracts require the seller’s consent to the assignment. However, the seller cannot unreasonably withhold consent.
  • Closing : On the closing date, the assignee fulfills the obligations outlined in the original contract and pays the agreed-upon assignment fee to the assignor.

Considerations and Challenges

  • Legal Advice : It’s advisable for all parties involved to seek legal advice before entering into an assignment agreement. This helps ensure that the agreement is legally sound and all obligations are understood.
  • Market Conditions : The potential profit from an assignment heavily relies on market conditions. A sudden shift in the market can impact the viability of an assignment.
  • Consent and Clauses : Sellers have a say in whether they allow an assignment, and some contracts might include clauses that restrict or regulate the assignment process.
  • Tax Implications : Both assignors and assignees should be aware of potential tax implications, including capital gains tax and property transfer tax.

The real estate assignment of contract offers an alternative approach to property transactions, allowing flexibility and profit potential for both assignors and assignees. In British Columbia, understanding the legal requirements, negotiation dynamics, and potential challenges associated with this process is crucial. Whether you’re considering becoming an assignor or assignee, seeking professional legal guidance and market insights can help you navigate this intricate facet of the real estate world effectively.

It is so important to us that you feel empowered and educated throughout the buying and selling process – if you want to achieve your real estate goals or are thinking about listing your home soon,  give us a call , text , or email with any questions you have! We can answer all of your questions, and give you specific tips related to the investing, stratas, and more. We’re here to help.

Tags: Assignment of Contract , Assignment of contract meaning , BC assignments , Buyers Guide , Condo , Condo presale , First time home buyer , First time home buyer explained , Maple Ridge presale , New build , New buildings , New Construction , Townhouse , What does an assignment of contract mean

Kara Nickle

posted on 15 August 2023

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bc real estate assignment of contract

Assignment of Contracts: What consumers should know

By Amanda McKellar | February 17, 2016

Recent media reports in British Columbia have brought property assignment, also called “shadow flipping,” into the public conversation.

At its most basic, contract assignment is when a property buyer assigns their interest in the purchase to a second buyer before the original sale to the first buyer closes. The original seller thinks they are selling to the first buyer, but a second buyer has already agreed to buy the property from the first buyer, usually for a higher price. This means the seller doesn’t get as much money as they could for their property.

Property assignment is not illegal, but we understand consumers may be concerned about these activities because of the media reports.

The situation is different in Alberta. Property assignment is typically more common in rising markets and where there is a significant influx of foreign money; such as in B.C. Alberta is experiencing a different economic situation. RECA has not received any complaints about assignments/shadow flipping as being reported in B.C. right now.

Assignment of Contracts: What should consumers know?

1. Property assignment is not illegal, nor is flipping a property.

While we don’t have all the facts about the B.C. cases, it sounds like real estate professionals themselves are involved in the transactions and are financially benefiting from assignments. They are buying properties from unrepresented sellers and re-selling the properties through an assignment to a second buyer for a higher price before the first deal closes.

This is technically legal, but the real estate professional must disclose the assignment to the original seller.

2. Alberta has robust rules in place relating to personal trades in real estate, disclosure, and fulfilment of fiduciary duties. When real estate professionals have a direct or indirect interest in a real estate transaction, they are required to disclose it, in writing, to an unrepresented buyer or seller. They also need to disclose the complete details of any negotiations for a further trade to another person or of the professional’s interest in the property.

For example, if you are an unrepresented seller and a real estate professional is buying your home, and that real estate professional has already negotiated the sale of your property to another buyer in the future, the real estate professional must disclose the details of that transaction in writing to the original seller, you.

Alberta real estate professionals owe their clients fiduciary duties, including undivided loyalty to their client, acting in the best interest of their client at all times, and avoiding and disclosing all conflicts of interest.

It is inappropriate for an industry professional to approach you as a potential seller and ask you to sign a Seller Representation Agreement for the purpose of enabling one of their buyer clients to buy your property. In these cases, industry professionals should use a Seller Customer Acknowledgement and Fee Agreement form. This form outlines their role, including the fact they are not representing you or your best interests; they are representing the buyer.

Not only do Alberta real estate professionals have to disclose the conflict of interest, they also have a fiduciary duty to avoid conflicts of interest from the outset.

3.Know the value of your home. RECA encourages consumers to do their due diligence before putting their property on the market, and hire a:

  • licensed real estate licensee to represent your interests. They can prepare a comparative market analysis that provides you with sold prices for similar properties, not just the asking prices. They will also work in your best interests.

We believe a well-informed consumer is a protected consumer. RECA and Alberta licensed licensee offer a number of resources that can help.

For more information, check out RECA’s additional Consumer Information:

Real Estate Consumer Information

Unrepresented Sellers – What You Need to Know

Real Estate Professionals Buying Your House or Selling You Theirs

Estimating the Market Value of Your Home

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New Assignments Regulations In BC

Effective today, the province has introduced new regulations governing Realtors. They didn’t change the law of the contract (where assignments are expressly allowed under the Law and Equity Act ), but require that more drafting and disclosure be made by Realtors.

All Realtor drafted contracts (residential and commercial) should contain the following:

  • this contract must not be assigned without the written consent of the seller; and;
  • the seller is entitled to any profit resulting from an assignment of the contract by the buyer or any subsequent assignee..

(Note: These are the official statements and I note this “drafting” is quite poor, some contractual definition of PROFIT and ASSIGNEE is required).

There remains a discussion to be had on how this effects Limited Dual Agency –the presence or absence of the “Assignment Provisions” may in some factual circumstances relate to a discussion of a party’s “motivation”… if that is the case, the Realtor should consider whether LDA is a viable option (note: in my opinion, I think we are also going to see LDA rule changes arising out of the committee work that is currently ongoing).

Have a great week!

Peter Borszcz , Kelowna Real Estate Lawyer

Assignments of Contract

What is an assignment of contract.

Simple Short Answer: A contract assignment occurs when a buyer transfers the contract to buy property to someone else before the completion date. The buyer can transfer the contract for any price, even for a higher price than they paid for the property. The buyer does not have to pay the seller any additional money if they make money from selling the contract.

Why would you assign your property?

PURCHASING AN ASSIGNMENT COND

How do I sell an assignment of contract?

  • The complex has to be sold out before developer will allow assignments
  • The Timeline when you can sell it.  Some developers will only allow a certain window, after a certain date to a certain date. Usually this window starts after the building permit is issued, and expires 3 months before expected completion. 
  • Who you can assign it too. Recently some developers will not allow Foreign buyers to assign local buyers (tax evasion etc)
  • Fees:  Developers can charge assignment fees anywhere from 1%-5% of the purchase price,  what purchase price do you ask? thats a very good question.  In most cases the developers fee will be based on the Original Purchase price, but in some cases the fee is paid on what you sell it for.  and no, you can't sell it for a $1, developer a) will see right through it and b) will not allow the assignment. Some developer assignment fees can also be 25% to 50% of the Lift (profit). (there are other cost to be considered, this is purely developer assignment fees) 
  • Restrict public advertising: Some developers will not allow assignments on MLS, or even use the building name or marketing material. This is where its important to use an experienced agent that has a good network. 

So why buy an assignment?

  • You want new, but don't want to wait 3-4 Years till completion? Assignments are typically sold a bit closer to completion, so you get the benefits of new, but don't have to wait that long.  
  • Pricing: Once a developers gets past the point of their sales goals, pricing and incentives disappear and pricing actually goes up. As since they got their bank financing, there is ZERO motivation on their part to sell the homes at a discount and can wait till completion to sell the home for market value then. A wannabe assignor may not have that luxury, so you can get an assignment of contract purchase on a similar project in the area for slightly below what a competing development is selling for. 
  • PTT- For purchase under $750,000, a purchase by an end users can avoid paying the PTT, and as of right now, that is based on the contract price, not the prices you pay for the assignment. For example you purchase an assignment for $850,000, the value of the contract is actually is $725,000 you will be able to avoid that PTT cost. (rules may change)
  • GST - Much like PTT, GST will be based on the original purchase price, not the final assignment price. (rules may change)
  • Deposit - Since the assignor likely paid a lesser price then what they are assigning it for, the total deposit paid on assignment price could overall be less. for example assignor pays $500,000 for a condo, they would have paid 20% down ($100,000) when they assign it to the assignee for $650,000, the assignee would need to match the original deposit of $100,000, not 20% on $650,000 which would be 15%.

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Assignment of contract

How it relates to the law in british columbia canada.

In British Columbia, an assignment of contract is a legal document that allows one party to transfer their rights and obligations under a contract to another party. This can be useful in situations where the original party is unable or unwilling to fulfill their obligations under the contract, or where they wish to transfer the benefits of the contract to another party. Under British Columbia law, an assignment of contract is generally valid and enforceable, provided that certain conditions are met. These conditions may include obtaining the consent of the other party to the contract, ensuring that the assignment does not violate any laws or regulations, and ensuring that the assignee is capable of fulfilling the obligations under the contract. In some cases, an assignment of contract may also be subject to specific legal requirements or restrictions, depending on the nature of the contract and the parties involved. For example, certain types of contracts may be subject to specific statutory requirements, such as the requirement for written consent or notice of assignment. Overall, an assignment of contract can be a useful tool for parties in British Columbia to transfer their rights and obligations under a contract, but it is important to ensure that all legal requirements are met in order to avoid any potential legal issues or disputes.

Impact on Business Owners in British Columbia

The impact of the assignment of contract on small businesses in British Columbia, Canada, is that it provides them with the ability to transfer their contractual rights and obligations to a third party. This can be useful for small businesses that are unable or unwilling to fulfill their obligations under a contract, or for those who wish to transfer the benefits of the contract to another party. However, small businesses must ensure that all legal requirements are met, such as obtaining the consent of the other party to the contract and ensuring that the assignee is capable of fulfilling the obligations under the contract, in order to avoid any potential legal issues or disputes.

Potential Legal Risks, Legal Challenges, or Legal Pitfalls for Businesses in British Columbia

As a small business owner in British Columbia, it is important to be aware of the potential legal risks and challenges associated with the assignment of contract. This refers to the transfer of rights and obligations under a contract from one party to another. One potential legal risk is that the assignment may be prohibited by the terms of the contract itself. It is important to carefully review the contract to ensure that there are no restrictions on assignment, or to obtain the consent of the other party to the assignment. Another potential legal challenge is that the assignment may not be valid if it is not properly executed. This could result in a breach of contract and potential legal action against the business. To avoid these issues, it is important to seek legal advice before entering into any contract that may be subject to assignment. This can help ensure that the contract is properly drafted and that any potential restrictions on assignment are identified and addressed. In addition, it is important to ensure that any assignment is properly executed and that all necessary steps are taken to transfer the rights and obligations under the contract to the new party. By being aware of these potential legal risks and challenges, small businesses in British Columbia can take steps to avoid or mitigate them and ensure that their contracts are properly assigned.

BC Business Practices and Consumer Protection Act (BPCPA)

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  1. Free Real Estate Assignment Contract

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  2. Assignment of Contract to buy real estate

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  3. Generic Assignment of Contract to Buy and Sell Real Estate

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  4. Free Real Estate Wholesale Contract Template

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  5. British Columbia Assignment of Real Estate Purchase Contract

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  6. Assignment of Real Estate Contract and Sale Agreement Template

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  3. Negotiating real estate assignment deals on new construction homes/condos

  4. The Insolvency Phase Has Begun For Canadian Real Estate

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  6. Maximizing Profits in Real Estate: Navigating Funding, Double Closings, and Assignments

COMMENTS

  1. Consumer Guide to Assignments

    In B.C., a real estate purchase contract must include a term prohibiting the assignment of the contract without the written consent of the seller. If the buyer wishes to be able to assign the contract at some point in the future, their real estate professional will amend or remove the required restriction and then provide the seller with a form ...

  2. Standard Forms

    Standard Forms. BCREA works with BC's eight real estate boards, lawyers and other industry experts to draft and update the standard forms that are the backbone of real estate transactions. We provide ongoing REALTOR ® education related to the forms so consumers can have full confidence in the profession.

  3. Assignment Terms

    Assignment Terms - It's All in the Contract #546. Licensees must ensure they read the terms of real estate contracts carefully and explain them to their clients. This is especially true when it comes to assignment clauses contained within contracts. Within the past number of years, the government has imposed laws and regulations around ...

  4. PDF New

    New clauses were created to be used with the Assignment of Contract of Purchase and Sale Non-developer & New Development forms to: Allow the assignor to make up for the shortfall (negative) assignment amount that may result if a buyer assigns a Contract of Purchase and Sale in a falling market. Set out the details of the Deposit, Assignor's ...

  5. Assignment of Contract and Purchase and Sale BC

    The Real Estate Council of BC has since required that an assignment needs to be approved by the seller and profit be split equally between the current buyer and the seller once assigned. The contract of purchase and sale for resale residential properties has also been updated to avoid "shadow flipping" and assignments without the sellers ...

  6. Real Estate Assignment of Contract in British Columbia

    The real estate assignment of contract offers an alternative approach to property transactions, allowing flexibility and profit potential for both assignors and assignees. In British Columbia, understanding the legal requirements, negotiation dynamics, and potential challenges associated with this process is crucial.

  7. Assignment of Contract

    Assignment of Contract | BC Real Estate!In this video, we cover Assignment of Contract in a resale contract of purchase and sale and what you need to do at t...

  8. Assignment of Contracts: What consumers should know

    Recent media reports in British Columbia have brought property assignment, also called "shadow flipping," into the public conversation. At its most basic, contract assignment is when a property buyer assigns their interest in the purchase to a second buyer before the original sale to the first buyer closes. The original seller thinks they are selling […]

  9. New Assignments Regulations In BC

    New Assignments Regulations In BC. Effective today, the province has introduced new regulations governing Realtors. They didn't change the law of the contract (where assignments are expressly allowed under the Law and Equity Act ), but require that more drafting and disclosure be made by Realtors. All Realtor drafted contracts (residential ...

  10. Assignments of Contract Vancouver BC / Anthony Riglietti PREC

    Long Answer: An assignment of contract is a sales transaction where the original buyer of a property (the "assignor") allows another buyer (the "assignee") to take over the buyer's rights and obligations of the Agreement of Purchase and Sale, before the original buyer completes on the property. The assignee is the one who ultimately completes the deal with the vendor.

  11. Assignment Of Contract Of Purchase And Sale In BC: What You Need To

    Navigating the real estate landscape can be tricky, particularly when it comes to understanding the complexities of assignments and contracts of purchase and sale in BC.With presale homes on a surge, many buyers are opting for "Assignment Of Contract," a potentially profitable strategy where rights and obligations shift from one buyer to another before closing.

  12. What is an Assignment of Contract?

    What is an Assignment of Contract? | Buying a Pre-Sale Assignment | BC Real EstateAn assignment is a legal sales transaction whereby the Original Purchaser (...

  13. Condo Assignment Sales Explained

    In conclusion, selling a presale condo in BC through an assignment of contract is a unique aspect of the BC real estate market. It offers opportunities for profit and flexibility for buyers, but it also requires careful consideration and understanding of the process. As with any real estate transaction, due diligence, knowledge, and ...

  14. PDF BCREA Standard Forms Resources Index

    The BCREA Standard Forms Resources Index is your guide to resources related to BCREA Standard Forms. This resources index is updated regularly, so you always have the most up-to-date information concerning standard forms (BCREA Access login required) If there is a specific resource that you are looking for, please check.

  15. Assignment of Contract of Purchase and Sale BC

    The Real Estate Council of BC has since required that an assignment needs to be approved by the seller and profit be split equally between the current buyer and the seller once assigned. The contract of purchase and sale for resale residential properties has also been updated to avoid "shadow flipping" and assignments without the sellers ...

  16. What is Assignment of contract

    Assignment of contract. An assignment of contract refers to the transfer of contractual rights and obligations from one party to another. In the context of business, real estate, or technology law in British Columbia, an assignment of contract may occur when a party wishes to transfer their rights and obligations under a contract to a third party.

  17. 'Shadow Flipping' and New Regulations for the BC Real Estate Industry

    The rules are to prevent the situation described above in which a purchaser buys a property from a vendor and then reassigns the contract at a higher price before the sale closes without the vendor's knowledge. The new regulations under the Real Estate Services Act came into force May 16, 2016 and state the following in section 8.2 (3):

  18. CBA British Columbia

    Contract of Purchase and Sale. CBABC and the BC Real Estate Association hold joint copyright over the Standard Form Contracts of Purchase and Sale and related documents. They are available free of charge to CBA members. By accessing and using these forms, the CBA member acknowledges and agrees that these forms were developed by CBABC and BCREA ...

  19. Bc Real Estate Assignment Of Contract

    BC real estate assignment of contract refers to the process of transferring the rights and obligations of a real estate contract from the original buyer (assignor) to a new buyer (assignee) before the completion of the transaction. This assignment allows the assignor to sell their interest in the property to a third party, who then steps into ...