Sotheby's International Realty Canada Supports New Changes in Contract Assignment

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2016) - Sotheby's International Realty Canada is supporting new rules announced by the Government of British Columbia on Tuesday aimed at increasing transparency within the real estate industry. The new rules for contract assignment, which protect the best interest of property sellers, oblige agents to include two new terms regarding contract assignment in offers: one requiring the seller's consent to transfer the contract, and the second outlining that any profit from the sale must be returned to the seller. The changes are designed to proactively protect sellers from situations where a buyer purchases a property and assigns the contract at a higher price without the seller's permission. The seller may agree to take this clause out, but the default is in favour of the seller.

According to Sotheby's International Realty Canada President and CEO, Brad Henderson, the new rules are a positive step in the direction of protecting real estate consumers, and are in line with existing practices within the company.

"As an industry, we have a professional and moral obligation to represent our clients' best interests, upholding the highest ethical standards," said Mr. Henderson. "These new rules reinforce greater transparency, and empower home sellers with the information they need to make informed decisions regarding one of their most important personal and financial investments."

The new rules will come into effect on May 16, 2016 and will apply to all licenced real estate agents.

About Sotheby's International Realty Canada

Combining the world's most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby's International Realty Canada is the leading real estate sales and marketing company for the country's most exceptional properties. With offices in over 30 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivaled local and international marketing solutions and a global affiliate sales network of over 825 offices in more than 60 countries to manage the real estate portfolios of discerning clients from around the world. For further information, visit www.sothebysrealty.ca.