This undated image from Wikimedia Commons shows the City of Revelstoke in winter and is taken from the Powder Springs Ski Hill.
Image Credit: WIKIMEDIA COMMONS / lan Silvester (mascdman)
February 29, 2020 - 4:30 PM
The developer of the 120-unit Mountain View Resort in Revelstoke has been ordered by the superintendent of real estate to immediately cease marketing and those who have been in contact with the developer are being asked to come forward.
The order was made by the superintendent of Real Estate Micheal Noseworthy Friday, Feb. 28, after the developer was non-compliant with the Real Estate Development Marketing Act.
“An initial investigation has identified numerous issues in the developer’s disclosure statement and raises questions about whether the developer has placed any deposits received in trust in accordance with REDMA,” reads a statement on the website for the superintendent.
The developer has been ordered to cease and refrain from marketing any or all of the development units in the development known as Mountain View Resort and must place all deposits received from a purchaser of a development unit with a brokerage, lawyer, notary public or prescribed person and instruct that brokerage, lawyer, notary public or prescribed person to hold the deposit as trustee in a trust account in a saving institution in British Columbia.
They’ve also been ordered to file a new Disclosure Statement that without misrepresentation plainly discloses all material facts.
The order remains in force until all conditions are met.
The developer may require a hearing by the Superintendent or appeal the order to the Financial Services Tribunal. A copy of the order is available on the REDMA enforcement page of the OSRE website.
OSRE is seeking information from existing or prospective purchasers of Mountain View Resort units who have spoken with the developer or its representatives, and urges them to contact OSRE by phone at 1-855-999-1883 or email at RealEstate@gov.bc.ca.
Purchasers at Mountain View Resort are being asked to contact a lawyer "to fully understand their legal rights and remedies" with respect to their purchase agreements, claims by other purchasers, claims by lenders and other creditors, the treatment of deposit monies, the Real Estate Development Marketing Act, and any other relevant legal matters.
The website and social media pages relating to the development are now without any information.
To contact a reporter for this story, email Kathy Michaels or call 250-718-0428 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.
We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above.
News from © iNFOnews, 2020