Hot Tip Of The Week
With markets tough in the States, U.S. Developers are coming here...
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 Ozzie Jurock on Global TV |
Some don't know the rules ... if you buy from a developer here ... YOU must understand the law:
Financial Institutions Commission of BC has begun to crack down on U.S. real estate companies pitching their property in B.C.
This month Westwater Associates LLC of Seattle, which was running newspaper ads and holding sale events for a Seattle condo project was told to cease and desist or face a fine.
Under B.C. regulations, out-of-province developers must:
1. file a prospectus
2. be represented by a licensed BC realtor in order to sell real estate in the province.
3. FICOM explained the rules are meant to protect B.C. consumers:
a. Prospectus requires that any deposits are held in trust in B.C.
b. Buyers have a seven-day cooling off period in which they can cancel a sale without penalty.
c. Protection for buyers: a purchase agreement is not enforceable against a purchaser by a developer who has breached the act.
d. 11 more protection rules...
If you buy a US development make sure a prospectus has been filed in BC... and check out the developer...
Major Point: The crackdown by FICOM underlines the advice that any investors in U.S. real estate, especially in these turbulent times, have to be careful about whom they are buying from. Always visit the property personally, check out the developers and make sure what is being advertised is what you are getting.
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Mike Wintemute - First Real Estate Center Whistler Michael Wintemute received his Representative's license in 1986 and his Managing Broker's license in 1989. Michael has had a successful career in both real estate sales and management. Both as a sales person and as a manager he has always followed the same philosophy; listen carefully to your clients needs and then provide the best possible service to achieve their stated goals. Business is not the only thing important to Michael, family and community is an integral part of Michael's life. Michael was involved with the Kiwanis organization for many years, coached little league softball, was involved with minor hockey and has served on various community organizations. Professionally Michael is a member of the "Professional Conduct Committee" with the Real Estate Board of Greater Vancouver. Michael has been interviewed over the years on CTV, CBC and Global TV, major and local newspapers, a key note speaker at real estate seminars and most recently a contributing writer to a recently released book "Real Estate Action" by Ozzie Jurock.
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