British Columbia announces regulation to end "shadow flipping".

[Roy N.]

The CBC News article can be read here.

Naturally, the provincial government's attempt to curb this form of racketeering in the Lower Mainland's drastically overheated housing market will only be as good as the ability to enforce it {look out for a rise in unreported "side deals"}.

It also sounds like this change pretty much puts to rest any thoughts of wholesaling that does not involve purchasing, then reselling.

[Bill Gulley]

@Steve 

@Steve Babiakundefined

I believe I've mentioned this before in wholesaling, you don't need to assign a contract, simply take a release fee for the equitable interest held and allow another to buy, that is with seller consent as well. We've done this with a property in a neighborhood that is in high demand, there are usually no Realtors involved and there is a waiting list of buyers with the HOA.

Even with a property under contract, the owner may continue to accept other offers, referred to as "back up offers". 

You also need motivated players, an owner is not so picky, but your first buyer may have buyer's remorse and shown a better deal they may be willing to get out of the contract. You may not need to pay anything!  

As to the law in BC, no clue, but check the statute carefully and they may view a release in the same light if a buyer is really "in the business" of pulling off such transactions. :)