BC Government Ends Practice of Shadow Flipping
The B.C. Government says it is ending the practice of shadow flipping in Vancouver’s real estate market.
Speaking in Stanley Park Friday morning, Premier Christy Clark said they are not waiting for a review of shadow flipping to be done – they are moving to end the practice now.
Shadow flipping is controversial. It involves brokers reselling a property multiple times before a deal closes and profiting from each transfer using the assignment clause in sales contracts.
Clark said there needs to be informed consent provided for any assignment and any profits made must go back to the seller. She said taking the profit out will stop these “shady deals.”
She added they still have some details to work out, but they hope to have this in place in the next few weeks to a month.
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Source: Global News BC