A former Vancouver Island real estate agent has been fined $66,500 by British Columbia's financial services regulator for failing to disclose that a property she sold was archaeologically significant. The agent, Judy Bood, who has since retired, was involved in the 2018 sale of a coastal property for $300,000. The buyer later discovered the land's protected status, leading to a significant financial loss.
Key Takeaways
- A former Vancouver Island realtor was fined $66,500 for failing to disclose a property's archaeological significance.
- The undisclosed site led to the buyer sustaining a $110,000 loss.
- The regulator emphasized the importance of upholding the law and maintaining public confidence in the real estate industry.
The Undisclosed Property
In 2018, Judy Bood facilitated the sale of a Vancouver Island property for $300,000. Despite previous instances where she had verbally informed potential buyers of the property's archaeological significance, Bood was specifically instructed by her client not to disclose this information for this particular sale. Her client argued that the buyer was a "sophisticated party and developer" familiar with local regulations.
Buyer's Discovery and Financial Loss
Following the purchase, the new owner began clearing trees and brush, only to be informed that the property was protected under B.C.'s Heritage Conservation Act. This act requires permits for any significant alterations to archaeologically significant sites. Unable to develop the land as planned, the buyer was forced to resell the property for $200,000, incurring a total loss of approximately $110,000, including associated costs.
Regulator's Decision and Rationale
The B.C. Financial Services Authority hearing officer determined that Bood's failure to disclose was "significant misconduct." The regulator stressed the necessity of maintaining public confidence in the real estate sector and holding licensees accountable for upholding the law. Even if Bood believed the buyer was aware of the property's status, she was still legally obligated to disclose it. The decision noted that the financial loss suffered by the buyer served as an aggravating factor in the disciplinary outcome.
Mitigating Factors and Conclusion
Bood cited serious health issues that led to her retirement as mitigating factors, stating the error occurred during a difficult period in her life. However, the regulator found no evidence that her health condition prevented her from making the necessary disclosure, especially since she had disclosed the site's status to other buyers previously. The regulator concluded that both Bood and her client likely chose not to disclose the information due to concerns it might jeopardize the sale.
