SURREY – The Real Estate Development Marketing Act (REDMA) regulation has just been recently amended to allow deposits to be moved between trustees.
To see the full act in the state it was passed, please review the before and after version. [Amended Version At The End]
1 Section 1 of the Real Estate Development Marketing Regulation, B.C. Reg. 505/2004, is amended
(a) by renumbering the sections as section 1 (1), and
(b) by adding the following subsection:
(2) In this regulation and in sections 18 (2) to (6) [handling deposits] and 19 [developer use of deposit] of the Act, “trustee” means a broker, lawyer or notary public
(a) with whom a developer places a deposit under section 18 (1) [placing deposits] of the Act, or
(b) to whom a deposit is transferred under section 9.01 [transferring deposits to a new trustee] of this regulation.
2 The following is the recently added Section:
Transferring deposits to a new trustee
9.01 A developer may, in writing, instruct a trustee to transfer a deposit held under section 18
(1) [handling deposits] of the Act to a brokerage, lawyer or notary public
(2) A trustee who receives an instruction under subsection (1) may transfer the deposit to the brokerage, lawyer or notary public named in the instruction.
(3) A trustee who transfers a deposit under subsection (2) is discharged from liability for the deposit in the amount transferred.