Superintendent Of Real Estate Stops Sale Of Asher Strata Homes

By 250 News

Asher Place, a Senior’s  complex  on Ferry Road in Prince George,  is under orders not to sell any units     

Prince George, B.C.  -   The Superintendent of Real Estate in the province, W. Alan Clark has issued an order that:

"Balcom Financial  Corporation, Madden Holdings, BFC Development Corp. Asher Strata Homes, East View Ridge Developments, Ralph Balcom and Kathy Balcom shall cease marketing and all development units in the Development legally described as PID-025-913-921 Legal description –parcel  1, Plan  bcp10250, District lot 1433, Caribou Land district."

The order involves Asher Homes, which the Superintendent says is not a registered company in B.C. 

The superintendent further states that a search of the BC Company register indicates that BFC Development Corp. is advertised as being part of the BFC Group, which purportedly consists of a number of companies including BFCDC, MHL , Asher Strata Homes  and East View Ridge Developments (EVRD) .

The Superintendent further sates that none of these companies is registered.   

According to the Superintendent on January 29^th-2008 the staff contacted a realtor who advised the staff of the following.

• The realtor had been approached by one of the purchasers of a unit in building four of the Asher Place, which is part of the development.
• She wanted to flip her unit.
• When asked for documentation, such as a contract of purchase and sale, the woman indicated the only document that was provided to her by the developer was an Asher Strata Home Flyer.
• The woman  said she did not have any other documents, such as a contract of purchase and sale, to provide proof of purchase.

The flyer said in part that’ "any buyer that wants to secure a Strata Home in advance of completion of construction will be required to make an earnest money deposit of $5,000."

The superintendent further states that a developer who receives a deposit from a purchaser in relation to a development unit must promptly place the deposit with a brokerage, lawyer, notary public or prescribed person who must hold the deposit as trustee in a trust account in a savings institution in BC.

The President of Balcom Financial Corp, Ralph Balcom ,says the confusion surrounding the sale of strata plans  for Asher Strata Homes should be cleared up by the end of the week  " I am hoping to have the lawyers get the necessary work done and at which time the strata work and land tiles work will enable us to move on with the project.

The Superintendent of Real Estate W. Alan Clark has, “completely backed off in their position”,says  Balcom.

Balcom says,"We took a lousy $5,000 dollars from 8 people to hold the price two years ago and we put it with the lawyer, we sure weren’t trying to do anything wrong here”.

Balcom  says the  necessary paper work is being done "We are not trying to hide something, and so until the lawyers do the strata work for us and the Land Titles get their act togther we won’t be selling any of these units. We also are being held up by the real estate board that needs to approve this thing. "

He is surprised by the long list of companies  noted on the  Superintendent's order "Why these other companies are listed I don’t know ,  the land is in my name and Kathy’s, my wife, plain and simple. "

Balcom says  he's hoping sales can resume soon "We have another 8 units at lock up and we are hoping to get this mess cleared up so we can get on with selling them. "

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