Vancouver realtor suspended for double dealing
Vancouver realtor Wilbur Roshinsky has been suspended and fined for failing to protect the interests of his client in a deal that would have seen the 90-year-old woman, who suffers from dementia, lose money twice.
The Real Estate Council of B.C. ruled that Roshinsky "committed professional misconduct" by:
- "Acting as a limited dual agent when he ought to have known that his client required principal and agent representation."
- "Failing to ensure that his client received appropriate legal advice or provided an appropriate waiver before entering into contracts that appeared to favour the developer over his client's, both as to price and terms."
- "Failing to act in the best interest of his client..."
The Real Estate Council of B.C. suspended the Royal Pacific Realty agent after he acted as a dual agent for both his elderly client and a developer in March of 2008.
According to court documents, the elderly client, named only as Ms. S, was a single woman who had never previously bought or sold property. She told Wilbur Roshinsky she wanted to sell her house and buy an apartment.
Within hours Roshinsky showed her a condominium he had listed for a developer who, as it turned out, was interested in buying Ms. S's home.
The next day Roshinsky listed the house for $700,000, but he drew up a contract for the developer to buy it for just $525,000, and for Ms. S to spend $245,900 on the apartment. Prior to making the contracts, Ms. S viewed only the apartment and the developer was the only person to view her home.
The sale price of the house was under its assessed value, the sale price of the apartment over.
But the deal collapsed when Ms. S told her lawyer about the contract she'd just signed. He was named as her representative in the event of her becoming infirm.
The lawyer called Roshinsky and his brokerage — Royal Pacific Realty — and had the contract cancelled and the deposits refunded.
A few days later a medical doctor confirmed Ms. S was suffering from dementia or a form of Alzheimer's impairing her memory, insight and judgment. Roshinsky claimed he didn't know.
Roshinsky was fined $1,000, forced to complete a remedial education course and suspended for 30 days by the real estate council.
- An earlier version of this story incorrectly reported that Wilbur Roshinsky was fined $10,000. In fact, he was fined $1,000.May 14, 2011 10:30 AM PT