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New Assignment Wording Standard in BC Real Estate Contracts

Blog by | May 12th, 2016

Starting May 16, 2016 all standard contracts in BC will contain the following wording as a result of the Vancouver flips:
"The Seller and the Buyer agree that this Contract: (a) must not be assigned without the written consent of the Seller; and (b) the Seller is entitled to any profit resulting from an assignment of the Contract by the Buyer or any subsequent assignee."
You have the ability to strike this clause out on the contract but you will need both parties consent to remove it from the contract.

Alexandra Axsen
Lake Okanagan Realty Ltd.
Owner/Managing Broker
Tel: (250) 870-2792
Fax: (778) 484-5252
Email: Alex@LakeOkanaganRealty.com