B.C. Reg. 557/2004, deposited December 7, 2004, pursuant to the REAL ESTATE ACT [Section 80]. Regulation of the Superintendent of Real Estate, dated November 29, 2004.

Pursuant to section 80 of the Real Estate Act, the Superintendent of Real Estate orders that the attached regulation is made.

— W. A. CLARK, Superintendent of Real Estate.

INDIVIDUAL EXEMPTION REGULATION No. 153

Shiu Pong Developments Limited

1 An offer for sale or lease, the sale or lease, and any assistance in the selling or leasing of the subdivided land that contains an approximately 16-storey building containing approximately 161 dwelling units and that comprises all or part of the land described as:

Lots 89, 90, 91 and 92 on Registered Plan 179Y, part of Lot 6 on Registered Plan E-685, and the lane dedicated by Registered Plan 179Y which was established as a pedestrian right-of-way by City of Toronto By-law No. 723-84, City of Toronto, Registry Division of the Toronto Registry Office,

by or on behalf of Shiu Pong Developments Limited, is exempt from the requirement to file a subdivision plan or condominium plan prior to marketing as required by section 61 (10) (e) of the Real Estate Act, on condition that

(a) a copy of the prospectus filed by Shiu Pong Developments Limited is provided to each prospective purchaser,

(b) the creation of the proposed condominium units has been approved by a municipality or other governmental authority,

(c) all money representing deposits or any other consideration paid by a prospective purchaser to the agent of Shiu Pong Developments Limited, or to any other party agreed to in writing by the parties, is held in a trust account in the manner required by sections 15, 16 and 17 of the Real Estate Act until

(i) the condominium plan is deposited in the appropriate public office,

(ii) the premises purchased or leased are capable of being occupied,

(iii) an instrument evidencing the interest of the purchaser or lessee in the condominium units has been registered in the appropriate public office, and

(iv) the provisions of section 61 (10) (c) of the Real Estate Act have been satisfied, and

(d) the prospectus discloses the trust provisions described in this section.

2 Despite section 1 (b) above, Shiu Pong Developments Limited is exempt from the requirement to first obtain a building permit in respect of the development from the City of Toronto, Ontario as required by section 61 (5) (c) of the Real Estate Act and may market the development before the building permit is issued, provided that

(a) Shiu Pong Developments Limited has applied to the City of Toronto, Ontario for the creation of the proposed condominium units,

(b) the estimated date for the issuance of the building permit, as disclosed in the prospectus, is not more than nine months from the date the prospectus is accepted by the Superintendent,

(c) the proposed condominium units are offered for sale under the prospectus for a period of no more than nine months from the date of acceptance of the prospectus by the Superintendent unless an amendment to the prospectus is accepted by the Superintendent during that period setting out particulars of the issued building permit,

(d) the prospectus includes, as an exhibit, a copy of the agreement for sale or lease to be used by Shiu Pong Developments Limited, and that agreement for sale or lease must

(i) be terminable at the option of the purchaser for a period of seven days after receipt of the amended prospectus if the amendments contained therein materially affect the offering or if the amended prospectus is not received within twelve months after acceptance of the initial prospectus,

(ii) require that no amount greater than 10% of the purchase price may be paid by way of deposit or otherwise until the purchaser receives the amended prospectus, and

(iii) require that all such funds, including, if applicable, interest earned, be returned to the purchaser immediately on notice of termination by the purchaser pursuant to subparagraph (i) above, without deduction,

(e) the prospectus discloses that all funds paid by a prospective purchaser to Shiu Pong Developments Limited, or to any other party agreed to in writing by the parties, will be held in a trust account in the manner required by sections 15, 16, 17 and 61 (10) (c) of the Real Estate Act until completion of the transaction or earlier termination under paragraph (d) above,

(f) paragraphs (d) and (e) above are included in any agreement of purchase and sale in relation to the condominium units, and paragraphs (b), (d) and (e) above are set out in bold print in the prospectus, and

(g) section 1 (a) and (c) above is complied with.

3 Despite sections 1 (c) and 2 (e) above and section 61 (10) (c) of the Real Estate Act, all deposits paid by prospective purchasers may be paid to the Ontario solicitors of Shiu Pong Developments Limited, provided that such deposits are otherwise held in the manner required by sections 15, 16, 17 and 61 (10) (c) of the Real Estate Act, unless Shiu Pong Developments Limited has obtained prescribed security in accordance with the requirements of the Condominium Act, S.O. 1998, c. 19, as amended.

Copyright © 2004: Queen's Printer, Victoria, British Columbia, Canada