Effective May 16, 2016 real estate contracts prepared by Realtors must state that the contract cannot be assigned without the written consent of the seller, and that any profit from an assignment goes to the initial seller.
The new changes apply to residential and commercial transactions. Pre-sales are exempted.
The contract of Purchase and Sale has been amended to include two new clauses.
Both a seller and a buyer still has the ability to amend or entirely strike out the two new clauses. In this case, a notice must be provided to the seller using a new form Notice to Seller Regarding Assignment Terms.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.