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ARTICLE · 02 SEPTEMBER 2015

Transfer Away: Developers Can Now Transfer Deposits Between Trustees Under REDMA

McCarthy Tétrault
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On July 15, 2015, B.C. Reg. 138/2015 came into force, changing the way that deposits may be handled under the Real Estate Development Marketing Act.

CanadaReal Estate and Construction
Jordanna Cytrynbaum
Jordanna Cytrynbaum
Kate Macdonald
Kate Macdonald
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On July 15, 2015, B.C. Reg. 138/2015 came into force, changing the way that deposits may be handled under the Real Estate Development Marketing Act, S.B.C. 2004, c. 41 (the "Act") and the Real Estate Development Marketing Regulation (B.C. Reg. 505/2004) (the "Regulation").

Pursuant to section 18(1) of the Act, a developer who receives a deposit from a purchaser is required to place that deposit in trust with a trustee. That trustee must be a brokerage, lawyer or notary public. Once the deposit is in trust, the Act limits what the trustee can do with the deposit.

Previously, if a developer had placed deposits in trust with a lawyer, brokerage or notary public but wanted to move its business elsewhere, the developer had no practicable means of transferring the deposits to the new brokerage, lawyer or notary public. Rather, the developer would have to implement complex arrangements to address the fact that the deposits remained with the same trustee, while the rest

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