The provincial government of British Columbia has now responded to public outrage about “shadow flipping” – realtors assigning agreements for sale of property in escalating flips, generating a chain of secret profits and multiple commissions from the single sale. From now on, shadow flipping is prohibited unless the seller has consented to it, and the profits must go back to the homeowner.
We commented about this issue back in February and demanded essentially the reforms that have now been put in place: disclosure of shadow flipping and restoring any gains to the original parties. Hmmm…. does Christy Clark read our blog?Read More