Real Estate Developers Fined $49K for Failing to File Purchase Agreement Assignments

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BC Financial Services Authority (BCFSA) has issued a $44,000 penalty and $5,000 in enforcement expenses against real estate developers 1014925 B.C. Ltd., 0993137 B.C. Ltd., and their director, Nirmal Singh Takhar. Takhar and the developers failed to register two developments and submit assignments information in the Condo and Strata Assignment Integrity Register (CSAIR), contrary to the Real Estate Development Marketing Act (REDMA).

An assignment occurs when a purchaser of a development unit assigns their contract to another party. Developers that are marketing under REDMA must enter purchase agreement assignments to sell or lease residential strata lots in B.C., including both pre-sale and completed lots in CSAIR. CSAIR is an online database for assignments of purchase agreements, and developers are required to register their developments in CSAIR and file assignment information within 30 days after the end of each quarter. The Government of British Columbia uses the information to track the details of development unit assignments to ensure tax compliance and inform housing policy.

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