The Urban Development Institute is the public voice of Real Estate developers in BC and they have recently been given the right to participate as an intervenor in the case against the Olympic Village by 34 presales buyers.
The group of buyers is trying to get out of their contracts by claiming that the City of Vancouver should be considered a ‘developer’ in this case and their lack of disclosure statements means the contracts shouldn’t be binding.
The plaintiffs argue that the City of Vancouver and the company who was selling the units were “developers” within the meaning of the Real Estate Development Marketing Act , S.B.C. 2004, c. 42 (“REDMA”) such that they were required to sign disclosure statements. REDMA defines developer as “a person who, directly or indirectly, owns, leases or has a right to acquire or dispose of development property.”
REDMA is relatively new legislation, proclaimed in 2004. The definition of developer has not yet been addressed by the Court. The plaintiffs described this case as one which “has the potential to fundamentally alter developer’s responsibilities to purchasers in British Columbia”.
The UDI will now have a chance to help define the definition of developer as used in the REDMA.
Read the full article over at getlegal.ca