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…
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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Pushor Mitchell’s “Legal Alert Blog” evolved from our long-running “Legal Alert” client newsletter. Here, we share news our clients need to know, such as changes to the law, major case decisions, industry trends, and other legal issues that affect people and organizations in B.C. Occasionally, we also share firm news and announcements, as well as stories about our involvement with community groups throughout the Okanagan.
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