The Real Estate Council
of. British. Columbia ‘is
concerned “that property
owners may be disad-

™-vantaged by entering into

options for the sale of their
property where only a token
consideration, sometimes as
little as $1.00, is given.

The Council's concern is
that the practice, which is
legal, can cause the owner to
lose a considerable amount
of money in a rapidly rising
real estate market because it
effectively takes the
property off the market for
the duration of the option.

“We hear
where

of situations
these options are

pe < ° >

, o

these pleasure craft at picturesque Wh

currently being sought for as
much as six months,” a
Council spokesman, noted.
The practice appears to be
growing in popularity, he

added, which is why the
Council feels that the
hazards of the practice

should be drawn to public
attention.

Increases of five to ten per
cent in real estate prices
over short periods of time
are not uncommon in B.C. at

present, the 4 Council
spokesman said and ex-
pressed the opinion that

thbse conditions make the
option highly favourable to
the buyer whose interest is to
tic up the property in order

to then make a sale toa third
party at a higher price with
the difference’ being
pocketed by the = in-
termediary holding the
option and not by the owner.

With an option in
existence, the owner is
forced to sell on demand so
that there are three serious
disadvantages to the owner
in the option system under
rising market conditions.

The Real Estate Council

points out that an owner
offering to sell property
privately can take his

property off the market at
any time. If a fisting
agreement has been entered

<

ytecliff Park

Beware of real estate o

Warns the Real Estate Council of B.C.

-

ee

into with a real estate agent,
the owner may still refuse to

sell even at the listed price...

although he would then be
liable to pay the agent a
commission. (An offer below
the listed price, can, of
course, be refused without
any liability.) With an option
in existence, he must sell,
and at the option price.

The Council also noted
that persons endeavouring to
assemble land = parcels
frequently use an option
system as a_ legitimate
practice, although in those
circumstances owners
normally obtain a reasonable
consideration for granting
the option.

Marina await their skippers.

ptions

Page C13, August 12,1979 - Sunday News

(Ellsworth Dickson photo)

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