Realtor didn't tell B.C. couple about expensive condo costs, gets fined
Omissions by a BC real estate agent cost his client $40,000 and now cost himself $30,000 in fines — but his client won't see a penny of it.
BC's financial watchdog found real estate agent Jitendra Angelo Dehideniya didn't tell his clients that a condo they were buying was due for expensive upgrades that would cost every resident $40,000. The clients only found out about the unknown expense from other owners after they moved in, according to an investigation by the BC Financial Services Authority.
In May 2018, the unidentified couple purchased an apartment through Dehideniya for $379,000, not knowing the building was in need of a $2 million repair and that they would need to put up another $61,000 towards the needed repairs.
The couple could not afford the cost for repairs and had to sell the apartment they had just bought.
The buyers were able to get almost all of their money back, selling the apartment for $400,000 minus the $61,000 needed for repairs. But, that still left them at a loss of around $40,000.
Dehideniya told the Authority he didn't tell the buyers because they did not have an email address and he could not print hundreds of documents for them in time.
The couple finalized the May 24, 2018, and he mailed them the documents about the building’s upcoming repair two weeks later on June 8.
Dehideniya added that at the time he was a new real estate agent and this was only his second deal.
The problems with the building were not difficult to find out about, the strata council for the building found there was extensive rot throughout the building in 2016 and had made plans to start renovations in 2018.
The Authority found Dehideniya committed professional misconduct by not telling the buyers about the building’s need for repair.
Dehideniya has been ordered to pay the Authority a total of $31,500, and take a retraining course. If he does not, he will lose his real estate license.
The Authority told iNFOnews.ca it does not handle financial recovery for clients who get bad deals because of real estate agents, so it seems like the client won't be getting the rest of their money back.
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