{"id":14089,"date":"2016-05-12T15:03:45","date_gmt":"2016-05-12T22:03:45","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=14089"},"modified":"2022-06-23T11:10:11","modified_gmt":"2022-06-23T18:10:11","slug":"new-rules-contract-assignments-real-estate-bc","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2016\/05\/12\/new-rules-contract-assignments-real-estate-bc\/","title":{"rendered":"New Rules for Contract Assignments (Real Estate in BC)"},"content":{"rendered":"\n<p>Assignments are getting a lot of scrutiny in the Greater Vancouver real estate market. I\u2019ve had more people ask me about \u2018shadow flipping\u2019 in the past months than in the past seven years.<\/p>\n\n\n\n<p>But what is an assignment? And how can sellers protect themselves from being exploited by an assignment resale?<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-embed-handler wp-block-embed-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Garbutt + Dumas New Rules for Contract Assignments (Real Estate in BC)\" width=\"720\" height=\"405\" src=\"https:\/\/www.youtube.com\/embed\/pEjZLFOn5Mc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>An assignment is when a purchaser and a seller enter into a firm and binding contract that assigns the sale to another buyer before the completion date of the initial sale.<\/p>\n\n\n\n<p>There\u2019s nothing wrong with an assignment. But there have been cases of abuse; agents with an eye to a profitable assignment have deceived sellers by undervaluing their property or not even offering it up for sale on the open market.<\/p>\n\n\n\n<p>The BC government has introduced new legislation to reign in unscrupulous assignments. It includes the addition of two new clauses in contracts that stipulate the sale can\u2019t be assigned without the written consent of the original seller and any profits realized by an assigned sale would go to the original seller. &nbsp;Here are the clauses:<\/p>\n\n\n\n<ol><li>This contract must not be assigned without the written consent of the seller; and<\/li><li>The seller is entitled to any profit resulting from an assignment of the contract by the buyer or any subsequent assignee.<\/li><\/ol>\n\n\n\n<p>*With the exception that the buyer may instruct their agent not to include these clauses in the offer.<\/p>\n\n\n\n<p>Sellers can also take steps to protect themselves. Hire an agent based on the recommendation from people you trust. Don\u2019t take an offer on your property without adequate market exposure, like listing it for at least a week, holding an open house. Accept only set offers presented in person.<\/p>\n\n\n\n<p>In the eight years I\u2019ve been a real estate agent in Greater Vancouver, I\u2019ve never sold an assignment. But there are a few bad apples out there.<br>&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><a href=\"http:\/\/www.recbc.ca\/licensee\/contract-assignment-faq.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">For more information click here!<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Assignments are getting a lot of scrutiny in the Greater Vancouver real estate market. I\u2019ve had more people ask me about \u2018shadow flipping\u2019 in the past&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[890],"tags":[77,114,125,201,273,310,378,506,626,643,811],"acf":[],"taxonomy_info":{"category":[{"value":890,"label":"Videos"}],"post_tag":[{"value":77,"label":"assignments"},{"value":114,"label":"British Columbia"},{"value":125,"label":"burnaby"},{"value":201,"label":"coquitlam"},{"value":273,"label":"Featured"},{"value":310,"label":"Greater Vancouver"},{"value":378,"label":"james garbutt"},{"value":506,"label":"new westminster"},{"value":626,"label":"real estate"},{"value":643,"label":"realtor"},{"value":811,"label":"Video Blog"}]},"featured_image_src_large":false,"author_info":{"display_name":"James Garbutt","author_link":"https:\/\/www.garbuttdumas.ca\/author\/james\/"},"comment_info":0,"category_info":[{"term_id":890,"name":"Videos","slug":"video-blog","term_group":0,"term_taxonomy_id":890,"taxonomy":"category","description":"","parent":0,"count":218,"filter":"raw","cat_ID":890,"category_count":218,"category_description":"","cat_name":"Videos","category_nicename":"video-blog","category_parent":0}],"tag_info":[{"term_id":77,"name":"assignments","slug":"assignments","term_group":0,"term_taxonomy_id":77,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":114,"name":"British Columbia","slug":"british-columbia","term_group":0,"term_taxonomy_id":114,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":125,"name":"burnaby","slug":"burnaby","term_group":0,"term_taxonomy_id":125,"taxonomy":"post_tag","description":"","parent":0,"count":249,"filter":"raw"},{"term_id":201,"name":"coquitlam","slug":"coquitlam","term_group":0,"term_taxonomy_id":201,"taxonomy":"post_tag","description":"","parent":0,"count":84,"filter":"raw"},{"term_id":273,"name":"Featured","slug":"featured","term_group":0,"term_taxonomy_id":273,"taxonomy":"post_tag","description":"","parent":0,"count":99,"filter":"raw"},{"term_id":310,"name":"Greater Vancouver","slug":"greater-vancouver","term_group":0,"term_taxonomy_id":310,"taxonomy":"post_tag","description":"","parent":0,"count":6,"filter":"raw"},{"term_id":378,"name":"james garbutt","slug":"james-garbutt","term_group":0,"term_taxonomy_id":378,"taxonomy":"post_tag","description":"","parent":0,"count":160,"filter":"raw"},{"term_id":506,"name":"new westminster","slug":"new-westminster","term_group":0,"term_taxonomy_id":506,"taxonomy":"post_tag","description":"","parent":0,"count":328,"filter":"raw"},{"term_id":626,"name":"real estate","slug":"real-estate","term_group":0,"term_taxonomy_id":626,"taxonomy":"post_tag","description":"","parent":0,"count":343,"filter":"raw"},{"term_id":643,"name":"realtor","slug":"realtor","term_group":0,"term_taxonomy_id":643,"taxonomy":"post_tag","description":"","parent":0,"count":334,"filter":"raw"},{"term_id":811,"name":"Video Blog","slug":"video-blog","term_group":0,"term_taxonomy_id":811,"taxonomy":"post_tag","description":"","parent":0,"count":126,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/14089"}],"collection":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/comments?post=14089"}],"version-history":[{"count":3,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/14089\/revisions"}],"predecessor-version":[{"id":54944,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/14089\/revisions\/54944"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=14089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=14089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=14089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}