Ucluelet, Island West Resort: Craig Lochhead and Grayden Hayward developing quarter-share resort

 Leaky condo developer Craig Lochhead, presently associated with the Riverbend fiasco in Coquitlam, wants investors for his proposed "zero impact" resort in Ucluelet.

Here's an excerpt from Peter Mitham's article in the Western Investor. ( http://www.westerninvestor.com/images/wi-C.pdf)

 

Craig Lochhead, principal of Island West
Development (2006) Ltd., which is seeking
investors to support redevelopment of the Island
West Resort in Ucluelet, agrees. Lochhead purchased
the 22-year-old resort in October 2006,
stunned by the natural surroundings and the
dynamism of the area. He wants to see that
dynamism and beauty preserved.
“We’re densifying the area, but we’ve got
to do it intelligently. I think that’s what the
market’s demanding,” he said. “[Being] closer
to zero-impact is important there, [more so]
than it is anywhere else, just because that’s
why they’re going there.”
The new resort will have an additional 94
residential units mixing full-ownership with
quarter-ownership opportunities that Lochhead
is branding as “eco-ownership.”
“You can afford to buy a resort condominium
in a wonderful place, but because you’re
sensitive to your footprint on the earth, you’ll
only buy a quarter,” he explained. Quartershares,
of course, are also more profitable for
a developer.

The same issue of the Western Investor contains an ad by Terra Nova Mortgage extolling the benefits of lending money to Island West Development (2006) Ltd.

Lenders may want to think twice about doing so, given the fiasco at the developer's Riverbend project in Coquitlam.

Riverbend, Coquitlam: About Marion Lochhead by Marion Lochhead of Sutton Group - 1st Realty

 

 

About Marion Lochhead,

the Riverbend sales lady,

by Marion Lochhead,

as copied from her website:

 

Marion Lochhead
MARION LOCHHEAD
thin red line
coquitlam real estate professional
Feature Homes
 
Home
 
Free CMA
 
sideline
Business Profile
 

Whether you are buying a home, investing, relocating or selling a home in the Coquitlam area, you can count on me for your real estate needs. I will assist you with real estate and community information for this area including details on homes for sale, home listings, information on air quality, schools, recreation and much more.

Now from this one site, you can browse my feature homes, open houses and real estate information, or use the innovative Realbot™ to search for properties available in this area.

Whether you are purchasing for the first time, wanting to upgrade, or are relocating to the area, I have developed a reputation for providing superior customer service where the only goal on the table is your complete satisfaction!

 

Sutton
sutton group - 1st west realty
An Independent Member
We Know Coquitlam
Marion Lochhead
MARION LOCHHEAD
thin red line
coquitlam real estate professional
 
Home
 
Free CMA
 
sideline
Personal Biography
 

My optimistic attitude, caring approach and professional expertise are why clients keep coming back and recommending me to their family and friends. With my solid experience in real estate sales, I have upheld the time honoured practice of putting the customer first!

Whether you are purchasing for the first time, wish to upgrade your current property or are relocating to the Coquitlam area, my sound real estate direction, accurate property evaluations, and proven marketing game plans, tough negotiation and open communication, guarantee results every time!

 


 
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Marion on Marion's trustworthyness as captured by Google:

Coquitlam, BC Realtors and Real Estate Agents - Marion Lochhead of ...

One of the most trusted, honest Realtors in Coquitlam, BC Burnaby - Sutton 1st West's Marion Lochhead is a specialist and real estate agent in Coquitlam, ...
www.marionlochhead.com/business_profile.html - 25k - Cached - Similar pages

 

Riverbend, Coquitlam: Government Information Bulletin: May 14, 2007

 

  

May 14, 2007
CEASE MARKETING ORDER ISSUED
SURREY – CB Developments 2000 Ltd., the developer of a Coquitlam townhouse development known as the Riverbend Development, has been served with a cease marketing order concerning its property development activities, …

 

Riverbend, Coquitlam: Government issues cease marketing order

IN THE MATTER OF THE REAL ESTATE DEVELOPMENT MARKETING ACT
CB DEVELOPMENT 2000 LTD.
-And-
CRAIG WILLIAM LOCHHEAD
-And-
GRAYDEN ROLAND HAYWARD
ORDER UNDER SECTIONS 30(1) (a) and 32(1)
REAL ESTATE DEVELOPMENT MARKETING ACT
Upon reviewing the results of Corporate Registry company searches for CB
Development 2000 Ltd. ('CB Development"), the results of a Corporations Canada
search, the results of Land Title Office searches of the registered titles of the properties
being developed by CB Development, excerpts of the disclosure statement and
amendments filed by or on behalf of CB Development, the press release issued by CB
Development and the supporting documents submitted by staff, I am of the opinion that:
1. CB Development was registered as a company in the Province of
British Columbia on May 23, 2000. The registered and records office is 1000-
840 Howe Street, Vancouver, British Columbia, and the directors are Craig
William Lochhead ('Lochhead") of
Columbia and Grayden Roland H
Avenue, Vancouver, British Columbia.
2. CB Development developed or is in the process of developing 128 bare land
strata lots and homes marketed as the Riverbend Development Project
("Rive rbend").
3. The Real Estate Development Marketing Act ("the Act") requires a developer who
markets or intends to market a development to file with the Superintendent of
Real Estate ("the Superintendent") a disclosure statement in the required form
and with the required contents before the developer commences marketing the
development. The disclosure statement must, without misrepresentation, plainly
disclose all material facts. The developer must not enter into a purchase
agreement with a purchaser unless a copy of the disclosure statement has been
provided to the purchaser. If a developer becomes aware that a disclosure
Superintendent of Real Estate Suite 1200 - 13450 1 0 2 ~ Avenue
Surrey, British Columbia V3T 5x3
Telephone: 604 953-5300
Facsimile: 604 953-5252
www.fic.gov.bc.ca
Page 2
statement contains a misrepresentation, the developer must immediately file with
the Superintendent a new disclosure statement or an amendment that clearly
identifies and corrects the misrepresentation.
4. The applicable sections of the Act are reproduced below:
Definitions
1 In this Act:
"developer" means a person who, directly or indirectly, owns, leases or
has a right to acquire or dispose of development property;
"development property" means any of the following:
. . .
(b) 5 or more bare land strata lots in a bare land strata plan;
"development unit" means any of the following in a development
property:
...
(b) a bare land strata lot;
"market" means
(a) to sell or lease,
(b) to offer to sell or lease, and
(c) to engage in any transaction or other activity that will or is likely to lead
to a sale or lease;
"material fact" means, in relation to a development unit or development
property, any of the following:
(a) a fact, or a proposal to do something, that affects, or could reasonably
be expected to affect, the value, price, or use of the development unit or
development property;
(b) the identity of the developer;
(c) the appointment, in respect of the developer, of a receiver, liquidator or
trustee in bankruptcy, or other similar person acting under the authority of
a court;
' ,
Page 3
(d) any other prescribed matter;
"misrepresentation" means
(a) a false or misleading statement of a material fact, or
(b) an omission to state a material fact;
"purchase agreement" means a contract of purchase and sale or a
contract to lease;
"purchaser" means
(a) a purchaser, from a developer, of a development unit,
(b) a lessee, from a developer, of a development unit, and
(c) a prospective purchaser or lessee, from a developer, of a development
unit;
Marketing of development property
3 (1) A developer who markets or intends to market a development unit must
(c) file and provide a disclosure statement in accordance with Division 4
[Disclosure Sfafemenfs].
Assurance of title
I1 (1) A developer must not market a development unit unless the developer
has made adequate arrangements to ensure that a purchaser of the
development unit will have assurance of title or of the other interest for which the
purchaser has contracted.
(2) For the purpose of subsection (I), a developer has made adequate
arrangements to ensure that a purchaser of a development unit will have
assurance of title or of the other interest for which the purchaser has contracted if
(a) arrangements have been made for title to the development unit to be held in
trust by a lawyer, notary public or another person, or class of persons, specified
by the superintendent until title or the other interest for which the purchaser has
contracted is assured,
(b) the developer provides a bond to the superintendent or other person specified
by the superintendent for the benefit and protection of purchasers, with surety in
the amount and subject to the terms required by the superintendent, or
Page 4
(c) the developer has made other arrangements that are satisfactory to the
superintendent.
(3) Without limiting subsection (1) or (2), if a development unit may be affected
by a mortgage, lien or other encumbrance that secures or evidences the
payment of money,
(a) the mortgage, lien or other encumbrance must provide, without condition, that
a purchaser who complies with the terms and conditions of the purchaser's
purchase agreement obtains title, or the other interest for which the purchaser
has contracted, free and clear of the mortgage, lien or other encumbrance, or
(b) the developer must make other arrangements, satisfactory to the
superintendent, to assure title or the other interest for which the purchaser has
contracted.
Filing disclosure statements
14 (1) A developer must not market a development unit unless the developer
has
(a) prepared a disclosure statement respecting the development property in
which the development unit is located, and
(b) filed with the superintendent
(i) the disclosure statement described under paragraph (a), and
(ii) any records required by the superintendent under subsection (3).
(2) A disclosure statement must
(a) be in the form and include the content required by the superintendent,
(b) without misrepresentation, plainly disclose all material facts,
(c) set out the substance of a purchaser's rights to rescission as provided under
section 21 [rights of rescission], and
(d) be signed as required by the regulations.
(3) A developer must provide to the superintendent any records the
superintendent requires to support any statement contained in the disclosure
statement filed under subsection (1).
(4) Without limiting section 16 [noncompliant disclosure statements], if a
developer markets development units in phases, the developer, before marketing
Page 5
each successive phase, must file with the superintendent an amendment to a
disclosure statement submitted in respect of the previous phase.
(5) On a person's payment of the prescribed fee, the superintendent must
(a) permit the person to inspect, at the superintendent's office and during regular
business hours, a disclosure statement filed under this section, and
(b) provide a copy of a disclosure statement filed under this section, or a copy of
part of it, to a person who requests it.
Providing disclosure statements to purchasers
15 (1) A developer must not enter into a purchase agreement with a purchaser
for the sale or lease of a development unit unless
(a) a copy of the disclosure statement prepared in respect of the development
property in which the development unit is located has been provided to the
purchaser,
(b) the purchaser has been afforded reasonable opportunity to read the
disclosure statement, and
(c) the developer has obtained a written statement from the purchaser
acknowledging that the purchaser had an opportunity to read the disclosure
statement.
(2) A developer must
(a) retain a written statement obtained under subsection (1) (c) for a period of 3
years or a longer period prescribed by regulation, and
(b) produce the written statement for inspection by the superintendent on the
superintendent's request.
Non-compliant disclosure statements
16 (1) If a developer becomes aware that a disclosure statement does not
comply with the Act or regulations, or contains a misrepresentation, the
developer must immediately
(a) file with the superintendent, as applicable under subsection (2) or (3),
(i) a new disclosure statement, or
(ii) an amendment to the disclosure statement that clearly identifies and corrects
the failure to comply or the misrepresentation, and
Page 6
(b) within a reasonable time after filing a new disclosure statement or an
amendment under paragraph (a), provide a copy of the disclosure statement or
amendment to each purchaser
(i) who is entitled, at any time, under section 15 [providing disclosure statements
to purchasers] to receive the disclosure statement, and
(ii) who has not yet received title, or the other interest for which the purchaser
has contracted, to the development unit in the development property that is the
subject of the disclosure statement.
(2) A developer must file a new disclosure statement under subsection (1) (a) (i)
if the failure to comply or misrepresentation referred to in that subsection
(a) is respecting a matter set out in paragraph (b) or (c) of the definition of
"material fact" in section 1 [definitions],
(b) is respecting a matter set out in paragraph (d) of the definition of "material
fact" in section 1, and the regulation prescribing the matter specifies that a new
disclosure statement must be filed if subsection (1) of this section applies, or
(c) is of such a substantial nature that the superintendent gives notice to the
developer that a new disclosure statement must be filed.
(3) A developer must file an amendment to the disclosure statement under
subsection (1) (a) (ii) in any case to which subsection (2) does not apply.
(4) A developer who is required to file a new disclosure statement or an
amendment under subsection (1) must not market a development unit in the
development property that is the subject of the new disclosure statement or
amendment
(a) until the developer has complied with subsection (1) (a), or
(b) unless permitted by the superintendent.
5. CB Development is the named developer of a development property marketed
under the name Riverbend ('the Development Property"). A disclosure statement
was filed with the Superintendent by CB Development on September 23,2003
("the Disclosure Statement"). An amendment to that statement was subsequently
filed on November 24,2003 ('the 1' Amendment"). A final amendment to the
Disclosure Statement was filed with the Superintendent on January 20,2004
("the Final Amendment"). No new disclosure statements or amendments to the
Disclosure Statement were filed with the Superintendent subsequent to January
20,2004.
Page 7
The Disclosure Statement as amended states that the registered owner of the
Development Property is 366565 B.C. Ltd. The disclosed civic address of the
Development Property is 3000 Riverbend Drive, Coquitlam, British Columbia.
The legal description of the Development Property being marketed under the
name Riverbend as disclosed in the Final Amendment is as follows:
Strata Lots 25, 29, 31 and 32 District Lot 378 Group 1 New Westminster
District Strata Plan BCS 136; and
PID: 025-646-460 Lot 1 District Lot 378, Group 1 New
Westminster District, Strata Plan BCP 5264; and
PID: 025-646-478 Lot 2 District Lot 378, Group 1 New
Westminster District, Strata Plan BCP 5264.
A search of the Land Titles Registry has revealed that the legal description of the
Development Property is now as follows:
Strata Lots 29.49. 50, 52,88-119 District Lot 378 Group 1 New
Westminster District Strata Plan BCS 136
CB Development is required to file an amendment to the Disclosure Statement to
advise the Superintendent of the change in the legal description of the
Development Property pursuant to Section 16 of the Act and the
Superintendent's Policy Statement #2. No such amendment has been filed.
A search of the Land Titles Registry shows that the registered owner of the
Development Property is now CB Development and not 366565 B.C. Ltd. CB
Development is required to file an amendment to the Disclosure Statement to
advise the Superintendent of the change in the ownership of the Development
Property pursuant to Section 16 of the Act and the Superintendent's Policy
Statement #2. No such amendment has been filed.
The Disclosure Statement as amended states that the directors of CB
Development are Lochhead, Hayward and Stanley Greenfield. A search of the
British Columbia Corporate Registry discloses that the current directors for CB
Development are Lochhead and Hayward. CB Development is required to file an
amendment to the Disclosure Statement to advise the Superintendent of the
change in the directorship of CB Development pursuant to Section 16 of the Acf
and the Superintendent's Policy Statement #2. No such amendment has been
filed.
The Disclosure Statement as amended includes an approved budget for the
Riverbend Strata Corporation for the year ending October 31,2004. Pursuant to
Section 16 of the Act and the Superintendent's Policy Statement #2, CB
Development is required to file an amendment to the Disclosure Statement to
Page 8
disclose the most recent budget approved by the Strata Corporation. No such
amendment has been filed.
On or about May 7,2007, the office of the Superintendent was made aware of
reports that CB Development was refusing to fulfill its contractual obligations to
purchasers of its Riverbend development units.
On or about May 8, 2007, the office of the Superintendent obtained a copy of a
Press Release on Riverbend issued by CB Development, and dated May 7,
2007. Among other things, the Press Release included the following:
a. The company is the developer of Riverbend;
b. It was responding to recent stories published in the media;
c. It was acknowledging the difficult situation that had arisen for
purchasers under 32 purchase and sale agreements;
d. Rising construction costs, unanticipated cost overruns and
construction delays had led to 'significant financial challenges and
have required refinancing Riverbend";
e. The construction lender advised they would not discharge the
mortgage unless the purchase price of the properties reflected fair
market value;
f. As a direct result of the position taken by the lender, the company
was unable to deliver clear title on the closing date; and
g. Purchasers were advised to seek legal advice.
The office of the Superintendent obtained a copy of a letter from Kerr Redekop
Leinburd & Boswell, Barristers and Solicitors, dated April 27,2007, and signed by
-b Law Corporation which was to the purchaser of one of the
development units in Riverbend ("the Redekop Letter"). This letter referred
specifically to a Contract of Purchase and Sale dated August 17,2005. Among
other things, the letter confirmed the following:
a. They are the solicitors for CB Development;
b. They had been instructed to advise the purchasers that due to cost
overruns and delays on construction, the lender was no longer
prepared to discharge their mortgage for the amount of proceeds
agreed under the contract;
Page 9
c. Their client would be unable to "fulfill their contractual
obligation ... and will not be completing the purchase and sale"; and
d. The purchase deposit, additional funds paid for extras on the
property and accrued interest were returned to the purchaser.
15. The office of the Superintendent also obtained a letter dated April 27, 2007 from
CB Development to Sutton lSt West Realty. In that letter, Hayward stated that
"the construction lender, Carevest Capital Inc .... is no longer prepared to grant
discharges of the mortgage from the titles to the properties for the amount of the
proceeds that would be achieved from the sale of the properties in accordance
with the contracts. Accordingly CB Development will not be able to fulfill its
contractual obligations to the purchasers as anticipated in the contracts."
16. The office of the Superintendent also obtained a letter dated April 28, 2007,
signed by Marion Lochhead, Sutton 1'' West Realty. Marion Lochhead
("Marion"), the wife of Lochhead and a licensed realtor, was the realtor acting for
CB Development in the Riverbend transactions. Marion referred to the Redekop
Letter, stating "the construction lender, Carevest Capital Inc.. ..is no longer
prepared to close on the remaining properties at the development as there is not
enough proceeds to cover the existing construction mortgages". Marion further
advised that independent legal advice should be sought in the matter.
17. An investigation by the staff of the Superintendent revealed that - ( ) and his fiande, - (-), entered into a Purchase and
Sale Agreement (the 'm~greement"), in August 2005, with CB Development
to purchase a bare land strata lot and home in Riverbend.
( ") entered into a Purchase and Sale
AgreemenT);in May 2005, with CB Development to purchase a bare land strata
lot and home in Riverbend. ("-) entered into a Purchase and
Sale Agreement (the ' Agreement"), on January 2006, with CB
Development to purchase a bare land strata lot and home in Riverbend.
18. On or about May 9, 2007, the Superintendent's ofice obtained a copy of the
-Agreement from which showed the following:
a. Seller: CB Development;
b. Buyer: -L, a n d M, -mother;
c. Purchase Price: with a deposit of $- due
within 24 hours of subject removal;
d. Completion date: April 28,2006;
e. Possession Date: April 28,2006; and
Page 10
f. An "Addendum" dated August 17, 2005, forming part of the
contract, which stated that in the event of delay, the seller could
deliver written notice to the buyer to extend the completion date by
90 days, and this must be delivered to the buyer 30 days prior to
the completion date. Further, if the seller required an extension of
greater than 90 days, the buyer would have an option to terminate
the contract.
19. 'was interviewed on or about May 10, 2007. During the interview, m
confirmed the following:
a. The closing date was extended four times. The original completion
date was April 28, 2006. That date was subsequently extended to
June 29, 2006; October 29, 2006; December 29, 2006; and finally
May 31,2007;
b. CB Development never gave - any indication that the sale would
not complete as expected, despite the continuing extensions;
c. CB Development never advised - that there was a problem with
completing the sale until he received the Redekop letter on or about
April 27,2007;
d. m was never asked to pay more for the property;
e. was advised by Marion that the lenders were not prepared to
grant any more money towards the development unless CB
Development agreed to sever the contracts and re-list the homes at
current market value; and
f. -was not given the right of first refusal to purchase the property
in the event that the property was remarketed.
20. On or about May 9, 2007, the office of the Superintendent received a complaint
from o u t l i n e d the nature of her contractual relationship
with CB Development, and the continued extensions being sought by them during
the past two years. -stated her Riverbend property had been at 80%
completion for the past three months, and she received the last addendum, dated
April 24, 2007, confirming a revised completion date of May 31, 2007.
had reason to believe that it was Lochhead's intention to place the
Riverbend properties back on the market and capitalise on the market growth.
21. was interviewed on or about May 9, 2007, and confirmed the
following:
Page 11
The completion date on the -Agreement was October 21,2005;
The completion date was repeatedly extended. Each time the completion was
extended, she consulted with her realtor, ("of Royal Le
Page to determine whether there were any problems which she should be aware
of, and he confirmed that there were no issues, only delays in obtaining permits;
and
She received a letter from Marion dated April 24, 2007, stating CB Development
.was endeavouring to complete the home for the completion date of April 30,
2007, but they would need to extend the date until May 31,2007.
On or about May 9, 2007, the office of the Superintendent received information
from (w) of Coldwell Banker Westburn Realty in Burnaby pertaining
to the w Agreement. Among other things, m provided copies of the
following documentation:
A letter dated April 28, 2007, from Marion to Real
Estate Agent. The letter was the same as that described in paragraph 16, and
confirmed that construction lender Carevest Capital Inc. was not prepared to
close on the properties as the proceeds did not cover the existing construction
mortgages;
A letter dated April 27, 2007, from CB Development to Sutton Group 1' West
Realty advising them that Carevest Capital Inc. was no longer prepared to grant
discharges of the mortgage based on the proceeds from the sale of the
properties. This is a copy of the same letter described in paragraph 15; and.
A copy of the Redekop letter; and
A copy of a Contract of Purchase and Sale Addendum dated January 22, 2007,
changing thewmpletion and possession date to June 28,2007.
The Disclosure Statement indicates that 'the Developer is unaware of any
outstanding or contingent litigation or liabilities affecting the Development". The 1'
Amendment and the Final Amendment do not disclose any outstanding or
contingent litigation or liabilities.
*.
A Land Titles Registry search has disclosed Certificates of Pending Litigation filed
against the Development Property which shows that there is currently outstanding
or contingent litigation in respect of the Development Property andlor CB
Development. The Certificates of Pending Litigation filed against the Development
Property are as follows:
Page 12
a. Registration Number m - -, - (Plaintiffs), registered May 7, 2007 with supporting
Statement of Claim;
b. Registration Number - - - (Plaintiffs), registered May 8, 2007 and supporting Statement of
Claim ;
c. Registration Number 0 - -, W - (Plaintiffs), registered May 4. 2007; and supporting
Statement of Claim; and
d. Registration Number - - 1- -1 - - m - m -
(Plaintiffs), registered May 8. 2007 and supporting Statement of
Claim.
Pursuant to Section 16 of the Act and the Superintendent's Policy Statement #2,
CB Development is required to file an amendment to the Disclosure Statement to
disclose the outstanding or contingent litigation or liabilities. No such amendment
has been filed.
A review of the land title records pertaining to the Development Property indicates
the following mortgages registered against title of the Development Property
which have not been disclosed in the Disclosure Statement as amended:
Mortgage # BW302266 in favour of MCAP Financial Corporation registered on
June 30,2004;
Mortgage # BW302268 in favour of Carevest Capital Inc. registered on June 30,
2004;
Mortgage # BB158240 in favour of Carevest Capital Inc. registered on April 2,
2007; and
Mortgage # CA435091 in favour of Riverbend Mortgage lnvestment Corporation
(Registration Pending - submitted May 2, 2007).
A search of Corporations Canada shows that the directors for Riverbend
Mortgage Investment Corporation include Lochhead and Hayward.
Pursuant to Section 16 of the Act and the Superintendent's Policy Statement #2,
CB Development is required to file an amendment to the Disclosure Statement to
disclose all encumbrances registered against title to the Development Property.
No such amendment has been filed.
Page 13
40. Section 'I1 of the Act requires a developer to make adequate arrangements to
ensure that a purchaser of a development unit will have assurance of title. CB
Development states in the Disclosure Statement that "purchase monies will be
utilized to secure partial discharges of the Developer's Mortgages so that each
Purchaser will receive title free and clear of financial encumbrances." A letter from
CB Development to its realtor, the Redekop letter and the press release form CB
Development all indicate that CB Development cannot provide clear title to the
existing purchasers.
41. Even if the properties were remarketed and sold at current market prices, the
claims of existing purchasers would impair the ability of CB Development to
provide clear title to any new purchasers.
AND WHEREAS I am satisfied based on a review of the Disclosure Statement as
amended and land title search documents and other documents provided by my staff
that CB Development failed to file an amendment to the Disclosure Statement to explain
changes in the ownership and legal description of the Development Property as
required.
AND WHEREAS I am satisfied based on a review of the Disclosure Statement as
amended, Corporate Registry search documents and other documents provided by my
staff that CB Development failed to file an amendment to the Disclosure Statement to
explain changes in the directorship of CB Development as required.
AND WHEREAS I am satisfied based on a review of the Disclosure Statement as
amended, the above-noted Certificates of Pending Litigation and other documents
provided by my staff that CB Development is subject to a number of lawsuits filed by
existing purchasers and that CB Development has not filed a new or amended
disclosure statement disclosing that fact.
AND WHEREAS I am satisfied based on a review of the above-noted Certificates of
Pending Litigation that even if the Development Property was remarketed and sold at
current market prices, the claims of existing purchasers would impair the ability of CB
Development to provide clear title to'any new purchasers.
AND WHEREAS I am satisfied based on a review of the Disclosure Statement as
amended, the title search documents and other documents provided by my staff that the
property being developed by CB Development has been encumbered by various
mortgages which were not disclosed in the Disclosure Statement as amended and that
CB Development has not filed a new or amended disclosure statement disclosing those
encumbrances.
AND WHEREAS the information contained in the evidence o f and m
along with the materials provided to me by my staff raises a serious concern and a
Page 34
likelihood that CB Development will attempt to remarket development units for which
there are already purchase and sale agreements.
I AM THEREFORE OF THE OPINION that CB Development, Lochhead and Hayward
are, or have been, non-compliant with the Act.
I AM FURTHER OF THE OPINION that the length of time that would be required to
complete an investigation or hold a hearing, or both, would be detrimental to the public
interest. There is a substantial likelihood that CB Development intends to remarket
development units in the Development Property to potential purchasers without
providing accurate disclosure which the purchasers are entitled to receive and which CB
Development is required to provide. The fact that lawsuits have been filed against CB
Development could very well impact on the value or price of the development units and
on the decision by the potential purchaser on whether to purchase the unit.
IN ADDITION, I am of the opinion that CB Development has not made adequate
arrangements to ensure that any new purchaser of a development unit will receive clear
title. If CB Development is successful in remarketing development units which are
subject to an existing purchase and sale agreement, any new purchasers will likely
become embroiled in litigation and ultimately may not receive title to the units they have
purportedly purchased. The deposits of any new purchasers may ultimately be held until
the litigation is resolved.
I CONSIDER IT in the public interest to make the following Orders pursuant to sections
30(1) (a) and 32(1) of the Act.
I THEREFORE MAKE the following Orders:
1. CB Development 2000 Ltd. shall cease and refrain from marketing any and all
development units under the name Riverbend, and more particularly any
development units in the development property legally described as follows or
any derivation thereof:
Strata Lots 29,49, 50, 52,88-119 District Lot 378 Group 1 New
Westminster District Strata Plan BCS 136
2. Craig Lochhead and Grayden Hayward shall cease and refrain from marketing
any and all development units in the development property being developed by
CB Development 2000 Ltd.
Page 15
TAKE NOTICE that CB Development 2000 Ltd., Craig Lochhead andlor Grayden
Hayward may, pursuant to section 37(1) (f) of the Act, appeal the Orders pertaining to
each to the Financial Services Tribunal, or require a hearing before the Superintendent
pursuant to section 32(4) of the Act.
Dated at the City of Surrey,
Province of British Columbia
this 1 4 ~ day of May, 2007.
&U/
W. Alan Clark
Superintendent of keal Estate
Province of British Columbia
TO: CB Development 2000 Ltd.
1000-840 Howe Street
Vancouver, British Columbia
V6Z 2M1
Craig William Lochhead
Gravden Roland Havward
-, British ~olumbia - Sutton Group - 1'' West Realty
#I 18 - 3030 Lincoln Avenue
Coquitlam, BC V3B 684
Real Estate Council of British Columbia
#900 - 760 West Pender Street
Vancouver, British Columbia

Riverbend, Coquitlam: For Sale / Sold by Marion Lochhead

 

The information and images below were extracted from
www.marionlochhead.com, Sutton Goup - 1st West Realty.

According to Marion's Lochhead's website, the photos depict houses at 3000 Riverbend Drive Coquitlam which she successfully sold, before the sales contracts were "cancelled" so that she could sell the houses again at higher prices, leaving the patient purchasers without a home to go to after months of delays.

The developers behind the Riverbend project are Marion Lochead's father, Grayden Hayward, and her husband, Craig Lochhead. 

Note that the same image is used by Marion Lochhead to depict houses at differrent addresses and different List prices (LP).

Go to album of Riverbend sales by Marion Lochhead

riverbend_coquitlam_sales


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