December 21, 2017

Richmond Developer Turns Over Assignment Fees for Community Groups

It’s nice to hear about developers that do the right work instead of doing the work right. When condo units are pre-sold before building occupancy and then flipped, the developer that originally holds the title charges an “assignment fee” to register the new owner. Usually the developer just pockets this fee, and Price Tags Vancouver has described the case of One Burrard where the developer significantly increased the assignment fee to thwart title flippers.
Rich Illich of Townline homes has changed the conversation of profiting from flipping speculation by  “donating the company’s assignment fees of pre-construction condo sales from Calla at the Gardens, a new development in southeast Richmond. In total, Ilich is giving $46,485 to the City of Richmond and more is expected to be given to community groups, from future assignment fees.”  Townline usually charges a 1.5 per cent fee for assignments, and the company feels they should not be profiting from them.
It is our policy to continue this practice and distribute the assignment fees collected to the community that they were generated in” said Ilich by email.”  Richmond Mayor Malcolm Brodie accepted the contribution of over $46,000 stating
I think it’s a generous gesture. There are lots of people in our community who choose not to make contributions.”

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