(c) engages in the purchase and sale of mortgages or contracts for sale; As a buyer`s representative, you must disclose all remunerations collected by the broker, whether from the stockbroker or the seller. You must also disclose all other compensation, including referral fees, that you have received or anticipate as the buyer`s representative with respect to real estate services. According to the Superintendent, the Real Estate Development Marketing Act – opened in a new tab – would generally not apply to First Nations development properties on First Nations land in British Columbia. However, depending on the specific conditions of an urbanization contract, such as the Nisga`a agreement, it is possible that First Nations land may be governed by the Real Estate Development Act. A licensee who acts on First Nations land use can obtain legal advice in all situations where it is not clear whether the Real Estate Marketing Act is applicable. It is rarely the buyer`s fault because most do not understand how the business works and how an agent`s compensation is managed. These agreements can be beneficial to all parties involved, present expectations and include black and white. Financial institutions have marketed zero-payment mortgages. These mortgages are intended for people who do not have a down payment for a home, but who have excellent credit ratings and repayment capacity. RECBC believes that licensees who promote these programs have an obligation to know both all the requirements or qualification criteria and not to mislead consumers into ensuring that such programs are accessible to a wider segment of the public than they are. In addition, as mentioned above, as soon as a licensee enters into a discussion with a buyer about mortgages, the licensee is in danger of having violated the registration requirements of the Mortgage Brokers Act. – will not open licensees in a new tab, unless they are registered as mortgage brokers or sub-mortgages, in a discussion with customers about mortgage terms. The regulation does not specify how a seller must assert a contractual right to obtain a “profit” resulting from a transfer of the contract.
If you are working with a seller who has questions about the remedies available to you, if the buyer refuses to pay him the “benefit” of a transfer order, you should advise him to seek independent legal advice.