A real estate sign is seen hanging on a fence in front of a house for sale in Ottawa, Ontario, Canada, August 15, 2017. REUTERS/Chris Wattie - RC1845A57C10
A Surrey, B.C.-based property developer and its director have been ordered to pay nearly $100,000 by the province's real estate regulator for causing "consumer harm."The B.C. Financial Services Authority said Halcyon Point Development and its director Dale Tortorelli are both liable for failing to provide purchasers with a disclosure statement and for putting purchasers’ funds into Tortorelli’s business accounts. A Surrey, B.C.
They were looking for purchasers to acquire a 1.3-acre portion of the property and build a house on it, according to the BCFSA. But the BCFSA found Halcyon and Tortorelli did not prepare or file a disclosure statement that would have explained that the buyers couldn't have full use and control of the land.
The buyers ended up taking Halcyon to B.C. Supreme Court to get their money. Court documents obtained by CBC News show Halcyon was ordered to pay the buyers a total of $265,000 and that they no longer have any claims to the property.Former B.C. mortgage specialist fined $50K for creating fake documents for clients
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