A buyer in BC wants to assign their pre-sale contract for a new development condo to a third party. Which statement is correct?
Correct Answer
C) It needs the developer's prior consent, and the developer may forbid it
Under the Real Estate Development Marketing Act s. 20.3, a pre-sale purchase agreement for a strata lot must include a term prohibiting assignment without the developer's prior consent, unless the developer does not permit assignment at all. Before consenting, the developer must collect prescribed information about the parties, and under s. 20.4 it files that information with the Property Transfer Tax administrator.
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