ABOVE: 8th Avenue Realty has been shut down after being the subject of an investigation by the Real Estate Council of B.C.. John Daly has details.
The Real Estate Council of B.C. (RECBC) has suspended the real estate licence of 8th Avenue Elite Realty in Surrey and frozen its bank accounts.
The council says it suspended the licence in the public interest as a result of the firm’s alleged failure to account for trust account monies held on behalf of clients.
Global BC News crews knocked on the firm’s doors in Surrey, but the lights were out inside the office, the doors were locked, and owners Rup and Ash Dawodharry were nowhere to be found. Neighbouring business owners say they haven’t seen the pair in weeks.
The official website of the company is currently offline, and every 8th Avenue Elite Realty listing has been suspended. Rup Dawodharry’s LinkedIn page can no longer be found online. The company’s former realtors are resigning all their listings.
“You have to start again from scratch. That’s what I’m doing,” says Malkeet Singh Saran, now with Royal Group Tapestry Realty. “I have to get new signs already because I had a few listings so I have to take these signs down and put the new ones.”
According to Marilee Peters from the RECBC, there are measures in place to protect realtors in situations like this.
“Realtors who may feel that they are owed monies or that they are owed commission fees can have recourse to the courts. There is a compensation fund in place for members of the public who may have a compensable loss in connection with a real estate transaction.”
What is not known at this point is how many tens of thousands or hundreds of thousands in buyers down payments and realtor’s commissions may have disappeared along with Rup and Ash Dawodharry.
RECBC recommends that any concerned clients of 8th Avenue Elite Realty direct their inquiries to the Council at 604 683-9664.
The Council has disciplinary powers under the Real Estate Services Act, which can include fines, licence suspensions or licence cancellations.
© Shaw Media, 2014