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ALERT: July 28, 2016 - New Penalties for Property Transfer Tax Avoidance
The Superintendent of Real Estate ensures that developers provide full information and deposit protection to consumers when marketing residential developments under the Real Estate Development Marketing Act and Regulations.
The Superintendent can issue cease marketing orders and leverage penalties against a developer if a Disclosure Statement is found to be deficient or a developer is marketing without meeting the requirements of the Act.
Before marketing common types of developments to consumers in British Columbia, a developer must meet preliminary approval requirements and file a Disclosure Statement with the Superintendent.
A developer must give each purchaser a copy of the filed Disclosure Statement, and a copy of any filed Amendment to the Disclosure Statement, before entering into an agreement for sale or lease with a purchaser.
Under the Act, a purchaser has a 7 day cooling off period after signing a purchase agreement in which they may rescind the agreement by serving written notice to the developer.
A purchaser may also rescind a purchase agreement if they are entitled to a Disclosure Statement but do not receive one and if a Disclosure Statement contains a misrepresentation or an omission. Purchasers can also seek compensation for misrepresentations or omissions.
The Superintendent may also grant exemptions to certain provisions of the Act, for example, in relation to the holding of deposits. Individual exemptions granted by the Registrar are available at the following location.
Please see applicable fees to make a filing with the Superintendent or obtain a copy of any filing.