Monday, February 8, 2016

"Shadow flipping" comes out of the shadows

Here's a story from CBC about a time-honoured tradition in the world 'o real estate; assigning a contract.

That's where, having sealed an agreement to purchase, you sell that agreement to a third party.

This has been going on since forever, and it's actually where the free-market highway meets the rubber of contract law.

If I'm not mistaken, one of the Vancouver papers broke this and coined the "shadow flipping" meme, and then the CBC ran with it.

This "flipping" happens in virtually every new condo development. Most of the folks who buy at the intro are looking to sell their contracts on.

This story, such as it is, is not about a handful of opportunists looking for easy money; it's about a handful of desperate journalists looking for one last kick at the can.

No comments:

Post a Comment