Interpretation

1  In this regulation, "Act" means the Real Estate Act.

 Repealed

2  Repealed. [B.C. Reg. 403/85, s. 1.]

 Sale or lease exclusively to shareholders of a reporting company

3  A reporting company, as defined in the Company Act, or a person on its behalf, that sells or leases or offers to sell or lease subdivided land only to the company's shareholders is exempt from complying with Part 2 of the Act in respect of that offer for sale or lease and the sale or lease.

[en. B.C. Reg. 403/85, s. 2.]

 Sale or lease from developer to developer

4  A developer, or a person on behalf of a developer, who sells, leases, or offers for sale or lease or assists in the sale or lease of 5 or more lots, parcels or strata lots or 2 or more cooperative units in a subdivision situated in the Province in a single transaction is exempt from Part 2 of the Act in respect of the lots offered for sale or lease or sold or leased in the single transaction.

[en. B.C. Reg. 403/85, s. 3.]

 Sale of land for industrial or commercial purposes

5  A developer, or a person on behalf of a developer, who sells, leases, offers for sale or lease or assists in the sale or lease of subdivided land in the Province that is

(a) zoned to allow use only for industrial, commercial or both industrial and commercial purposes, and

(b) used in a way that conforms with the zoning bylaw referred to in paragraph (a)

is exempt from complying with Part 2 of the Act in respect of that offer for sale or lease and the sale or lease.

[en. B.C. Reg. 208/84, s. 1; am. B.C. Reg. 403/85, s. 4.]

 Transitional

5.1  Where a person was exempt from Part 2 of the Act under section 4 or 5 of B.C. Reg. 41/82, as it was before July 1, 1984, in respect of an offer for sale or lease made before July 1, 1984, that person and any other person who, in order to complete the transaction commenced by the offer made before July 1, 1984, sells or leases that land or assists in the sale or lease of that land is exempt from Part 2 of the Act in respect of that land.

[en. B.C. Reg. 208/84, s. 1.]

 Leases not exceeding 3 years

6  (1)  A lessor or an offeror or a person on behalf of the lessor or offeror who leases or offers to lease subdivided land by way of a lease or agreement for lease for a term not exceeding 3 years is exempt from complying with Part 2 of the Act in respect of that offer for lease or lease.

(2)  For the purposes of this section, the term of a lease shall include any period by which the lease may be extended under any option or covenant for renewal.

[am. B.C. Reg. 403/85, s. 5.]

 Sale or lease subject to Securities Act

7  Where, in respect of a sale or lease of subdivided land in the Province,

(a) section 61 of the Securities Act applies to require the filing of a prospectus with the Superintendent of Brokers,

(b) the Superintendent of Brokers makes a determination under section 76 of the Securities Act,

(c) the Superintendent of Brokers makes an order under section 48 or 76 of the Securities Act, or

(d) Repealed. [B.C. Reg. 176/88, s. 1.]

and on or after the coming into force of this section the seller, lessor or offeror, as the case may be, complies with the relevant provisions of the Securities Act, and with that or any determination or order made by the Superintendent of Brokers under the Securities Act, to the satisfaction of the Superintendent of Brokers, then the seller, lessor or offeror and persons assisting in the sale, lease or offering are exempt from the provisions of Part 2 of the Act in respect of the sale, lease or offering.

[am. B.C. Regs. 101/86; 176/88, s. 1.]

 Time share interests

8  A person who

(a) sells or leases or offers for sale or lease, or

(b) assists in the sale or lease or offering for sale or lease of

more than 4 time share interests in one time share use plan is exempt from complying with the provisions of Part 2 of the Act in respect of a sale or lease of the time share interest occurring on or before September 30, 1982.

[am. B.C. Reg. 269/82.]

 Sale of subdivided land in municipalities

9  (1)  In this section, "municipality" means the corporation into which the residents of an area in the Province have been incorporated as a municipality under any Act but does not include an improvement district or regional district.

(2)  A developer, or a person on behalf of a developer, who sells, leases, offers for sale or lease or assists in the sale or lease of a subdivision in the Province that

(a) is owned by the developer or has a right to purchase in the developer's name registered against it, and

(b) is in a municipality,

is exempt from Part 2 of the Act in respect of that offer for sale or lease and the sale or lease on the condition that

(c) Repealed. [B.C. Reg. 403/85.]

(d) an owner of the land has, before the offer for sale or lease, complied with section 940 of the Municipal Act.

(3)  Subsection (2) does not apply to a strata lot or a cooperative unit.

[en. B.C. Reg. 208/84, s. 2; am. B.C. Regs. 403/85, s. 6; 176/88, s. 2.]