Author: Bradley Cronquist

Bradley Cronquist's practice focuses on real estate development and a full range of business law matters. In his real estate development practice, Brad counsels and represents developers, builders and investors from…

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Developers have to deal with the requirements imposed by a municipality through the development permit process.
The Office of the Superintendent of Real Estate announced the release of Policy Statement 17, which temporarily amends Policy Statement 5 and Policy Statement 6 in relation to the nine month early marketing period.
The Province of British Columbia has approved the amendments to REDMA and the Real Estate Development Marketing Regulation in order to facilitate the disclosure of information to provincial and federal authorities
The B.C. Government has introduced draft legislation to amend the Real Estate Development Marketing Act that imposes obligations on developers in relation to the assignment of Purchase Agreements for the sale or lease of strata lots.
Party Wall Agreements have historically been used to manage the relationship between land owners with a common boundary and a wall down the middle of the property line.
When real estate developers consider disclosure requirements they commonly think of the obligations under the Real Estate Development Marketing Act.

Since the introduction of the Real Estate Development Marketing Act (REDMA), developers have had concerns that any minor or insignificant variance from the strict compliance of REDMA will permit a purchaser to avoid its obligations under a Purchase Agreement.

First reading has been granted to legislation that will amend the Real Estate Development Marketing Act (REDMA) and will bring greater certainty to the real estate development sector.

The proposed changes are as follows:

Consolidated Disclosure Statement

On November 13, 2012, Canada Revenue Agency announced new disclosure obligations for developers and builders which require particular information and statements to be included in purchase and sale agreements and statements of adjustments for the purchase and sale of new housing. This announcement is CRA GST/HST NOTICE 276 entitled “Elimination of the HST in British Columbia in 2013 – Transitional Rules for Real Property Including New Housing”.

Since 2009, real estate developers (“Developers”) have been subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “Act”).  Under this Act, Developers are required to comply with the following record keeping and reporting obligations:

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