Protecting Buyers and Sellers... "Shadow-flipping"
With help from the Real Estate Council's independent advisory group, BC is putting new rules in place to prevent the potentially predatory practice of real estate contract assignment ─ so-called “shadow flipping.” Read more about it here: http://ow.ly/ZGawv
"Shadow Flipping" to Get Strict New Rules: BC GovernmentThe Liberal provincial government of BC, which has been under fire for doing enough to address the issue of unaffordable housing, announced this morning that it will tighten the rules over contract assignments and will work with the City of Vancouver to look for housing affordability solutions.
New provincial rules will require the express consent of the home seller when the contract to purchase their home is assigned to a new buyer, and will require that any profits made when contracts change hands are returned to the original seller.
- See more Here (rew.ca)