The B.C. government is moving to outlaw what the Premier calls the “greedy’ and “shady” practice of so-called shadow flipping in residential real estate.
The move comes after a Globe and Mail investigation exposed how sales contracts for single family homes are being legally assigned – flipped quickly – to new buyers for a higher price, before an initial deal closes. Typically, the profits go to speculators and real estate agents involved, not sellers.
KATHY TOMLINSON – Globe and Mail – March 18, 2016.
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