Be warned. "Contract Flipping" of house sales going on in Vancouver.

B.C. government moves to end shadow flipping

http://www.theglobeandmail.com/news/british-columbia/bc-premier-vows-to-end-shadow-flipping/article29289313/

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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.

“In contract law, you can assign almost any contract, but it’s created a loophole that some shady operators have found their way through,” said Premier Christy Clark, who calls it “Greed. Pure naked greed. And the way to end that shady practice for greedy people is to take away the profit.”

Ms. Clark says contract assignment itself can’t and won’t be stopped. However, she says that because it’s being misused in Vancouver’s hot market, the government will soon make it illegal without the seller’s informed consent. She says it will also be mandatory that any profits from the flip go back to the vendor.

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Did people not learn anything from the subprime mortgage crisis in regards to mortgage highjinx?