New Provincial Requirements for Contract Assignments Announced:

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The provincial government announced today that beginning May 16, 2016, new rules relating to the assignment of real estate contracts will come into effect.

As part of the new requirements, licensees preparing an offer must include the following terms, unless otherwise instructed by their client:

• 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.

The new rules also include steps that licensees must take if they are involved in a potential real estate transaction where an offer does not include these terms.

 

For more information see:

British Columbia unveils new rules to limit real estate “shadow flipping”

RECBC Contract Assignment FAQ

 

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