Extensions Available for Real Estate Developers Seeking Building Permits and Financing Commitments

Real Estate

Extensions Available for Real Estate Developers Seeking Building Permits and Financing Commitments

Real Estate

The Superintendent of Real Estate has issued Policy Statement 17 to address the impact of COVID-19 on development marketing activities, and delays encountered in obtaining building permits and financing commitments.

When within the applicable time period, Policy Statement 17 enables developers to file a disclosure statement (or amendment, as the case may be) pursuant to the Real Estate Development Marketing Act that extends the timeline for obtaining a building permit and/or a satisfactory financing commitment from 9 months to 12 months.  More specifically, this applies to disclosure statements that are filed under Policy Statement 5 and/or Policy Statement 6.

For more information, please see Information Bulletin REDMA 20-01 or contact a member of our Real Estate Law team.

Joel Hagyard
Partner – Business Law
Lindsay Kenney LLP – Langley Office
778.289.9506
[email protected]