There has been a big fine for BC Realtor.

A real estate agent in British Columbia, Suleman Yasin, has been fined a hefty $35,000 for failing to disclose crucial information to a buyer about a condo building that required $2 million in maintenance.

Yasin and his team began the search for a condo in South Surrey for a retired couple. The buyers entered into a contract to purchase a condo for just under $400k, which included a review of strata documents, including meeting minutes, financial documents, and engineering reports.

Unfortunately, the buyers never received the strata documents, and Yasin never discussed their contents. The buyers were unaware that the condo building needed $2 million in maintenance.

The strata council

Two months after the sale was completed, the buyers discovered the upcoming strata project, which would cost them $50k.

Yasin (the Realtor) claimed he was unaware of any issues, but two weeks later, the buyers received the strata documents by mail.

The following year, the strata council agreed to a $2.2-million building envelope repair, which the buyers could not afford. They sold the condo for $400,000, less $61,000 credit for the levy the strata charged for the maintenance work.

Yasin was fined $35k and ordered to pay $1,500 in costs for failing to ensure that the buyers had received the strata documents before the sale.

This case is a classic example of why buyers must review strata documents before purchasing a condo. Strata documents provide valuable information about the condition of the building and condo owners’ financial obligations.

BC Realtors must make sure that their clients get all the information.

Condo buyers can incur unexpected costs and financial troubles without proper knowledge of the strata documents. Therefore, it is imperative to clearly understand the strata documents to avoid costly surprises down the road.

It’s important to find a good Realtor to speak to. Just like in every industry, there are good ones and bad ones. Compare ratings online and interview a few different ones before hiring.

Other BC Realtors Who Got In Trouble

Let’s look back on other cases in which Realtors in British Columbia got in trouble. The point is not to shame them but to learn from their mistakes.

One of the most high-profile cases of real estate agent misconduct in British Columbia was the case of Maple Ridge realtor Lisa Borsato.

Borsato was fined $45,000 in 2017 and suspended for 45 days by the Real Estate Council of British Columbia for engaging in professional misconduct.

Borsato had allegedly forged her client’s signature on several documents, including an offer to purchase agreement and a counter-offer.

She was also accused of failing to disclose a conflict of interest when representing the buyer and seller in a transaction. Borsato’s actions caused significant financial and emotional harm to her client, who had to engage a lawyer to resolve the matter.

Amazingly, she didn’t lose her licence for forging a client’s signature.

If you feel you have a case against a buyer, seller, or real estate brokerage, you can contact a BC lawsuit lawyer.

Engaging in professional misconduct

Another BC Realtor who made headlines for all the wrong reasons was Richmond-based agent Hongyu (Michael) Zhou. In 2019, Zhou was fined $25,000 and suspended for a year by the RECBC for engaging in professional misconduct.

Zhou was found to have fabricated documents, made false representations, and failed to disclose a conflict of interest when he represented both the buyer and seller in a transaction.

He also failed to properly supervise his unlicensed assistant, who had engaged in a separate case of professional misconduct. Zhou’s actions not only harmed his clients but also undermined the public’s trust in the real estate industry.

In addition to individual Realtors, there have also been cases of real estate companies engaging in professional misconduct. For example, in 2018, Vancouver-based real estate brokerage Sutton Group-West Coast was fined $115,000 by the RECBC for failing to supervise one of its realtors adequately.

Failed to train and supervise the Realtor properly

The Realtor in question had engaged in several instances of professional misconduct, including misrepresenting the size of a property, failing to disclose a conflict of interest, and using false advertising. The brokerage also failed to properly train and supervise the realtor, which contributed to the misconduct.

These cases of realtor misconduct are not isolated incidents. According to the RECBC’s 2019-2020 annual report, there were a total of 465 disciplinary actions taken against real estate professionals in British Columbia that year. Seems like a very high number.

Fine for BC Realtor

Most of these disciplinary actions were for breaches of the Real Estate Services Act and the Rules, including failure to disclose material facts, misrepresentation, and acting in a conflict of interest.

The high number of disciplinary actions suggests a systemic issue within the real estate industry in British Columbia. Some have argued that the issue lies with the RECBC itself, which they claim is ineffective at regulating the industry and protecting consumers.

Critics have pointed out that the RECBC is funded and governed by real estate professionals, which creates a conflict of interest and may lead to a bias toward protecting the interests of realtors over those of consumers.

What did you think of the fine for the BC Realtor? Too high or not enough? You can use our lawyer directory in BC to find a lawyer.