Local Agent Sued Over Alleged “Shadow Flipping” of Richmond House

May 10, 2016

 

The executors of a Richmond residential property are suing a local REALTOR®, alleging the agent “shadow-flipped” the house without their knowledge, reports REW.ca’s sister publication Business in Vancouver.

In a claim filed April 29 in BC Supreme Court, Kenneth and James Davis, the executors of the will of Jessie Davis, claim they received a pamphlet in November 2010 from an individual named Sunny Wu who was interested in buying the property at 3531 Jesmond Avenue.

To read the full BIV story including details of the lawsuit, click here

Following a Globe and Mail investigation, the BC government is changing the rules around contract assignments.

The government announced today (May 10) that it is implementing new rules that 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.