Author: David Hennessey

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Do REALTORS® have to disclose referral payments?

Yes, your REALTOR® is required to follow specific rules set out by the British Columbia Financial Service Authority with regards to referral payments.

Watch this two minute educational video courtesy of BCREA.

As a real estate professional to obtain and keep my license to be a real estate professional one of the things I am required to do is to disclose to your the payment of referrals.

If you would like to learn more about how I serve my clients in buying and selling homes please contact me here to book a time for an introductory free consultation.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

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BC Flipping Tax : A lawyer’s comment

I recently read an article by a lawyer about the proposed BC Flipping Tax.

I quote “The B.C. Government has recently proposed a home flipping tax (the “Home Flipping Tax”) that will take effect starting January 1, 2025, subject to approval by the legislature. This tax, when passed, will apply to income from the sale of a property, including presale contracts, in British Columbia if the property was owned for less than 2 years.”

IMPORTANT: There is a Primary residence deduction but not an exemption.

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What responsibility do real estate professionals have in BC?

Did you know that real estate professionals in British Columbia have a regulatory requirement to present you with the below details before providing you with real estate services?

You can work with a real estate professional in one of the following ways:

AS A CLIENT
If you are the client of a real estate professional, they work on your behalf. The real estate professional representing you has special legal duties to you, including:

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