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  #21  
Old Posted Nov 22, 2017, 5:33 AM
nchan nchan is offline
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The sellers listed the property to the husband's (seller) father in law (relator)with another realty company. There is no fiduciary duty to the sellers at all from the buyer realtor as the seller had their own realtor, just happen the buyers also relators and they represented themselves. The sellers were notified and agreed before they signed the contract of sale. The relator told the sellers this buying is for investment only. Just happy the market go up everyday. The fact is one floor up on the same unit and same building just sold more than $100,000 after one month of the realtor completed the deal. The buyer can sell the property after they completed the deal as it reached the investment purpose and there no time limit as how long they have to hold before they can sell. This is totally injustice to the buyer and relators.
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  #22  
Old Posted Aug 1, 2018, 8:49 PM
misher misher is online now
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Quote:
Originally Posted by nchan View Post
The sellers listed the property to the husband's (seller) father in law (relator)with another realty company. There is no fiduciary duty to the sellers at all from the buyer realtor as the seller had their own realtor, just happen the buyers also relators and they represented themselves. The sellers were notified and agreed before they signed the contract of sale. The relator told the sellers this buying is for investment only. Just happy the market go up everyday. The fact is one floor up on the same unit and same building just sold more than $100,000 after one month of the realtor completed the deal. The buyer can sell the property after they completed the deal as it reached the investment purpose and there no time limit as how long they have to hold before they can sell. This is totally injustice to the buyer and relators.
Being licensed but not a realtor when I first read this article I agreed. But if its the buyer who is also a realtor that makes the purchase that should be allowed ...its a free market. If this is the situation then that judgement is ridiculous, if I buy something its fair game if I resell it later.

This actually explains a lot since the Real Estate Council is very restrictive and theres no way the sellers realtor could purchase and flip without losing their license.
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  #23  
Old Posted Sep 5, 2018, 7:30 PM
strathunter strathunter is offline
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This is nothing. Much worse has been done in Vancouver with realtors setting people up with multiple mortgages to by multiple properties in one day.

How it works is simple. The realtor sends clients to different mortgage brokers. Everything is different except the properies. Realtor lines it up so people can buy more than one unit in new building. It all has to happen same day. Lender #1 will never know about lender #2 that way. The contract is then flipped. Realtor makes first commissions and then again to flip for their client.

Everyone knows it, many have done it, its 100% illegal. No one cares.

If caught all the risk is on the buyers for fraud. The realtor can claim ignorance but the actually buyers will be guilty and hold the bag. Realtor makes the most $.
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