Regency Investments Ltd., Omar Sharif, and Amir Sharif

Enforcement Action: Monetary Penalty

Issue Date: October 9, 2014

On October 9, 2014, pursuant to s. 28.3(1)(b) of the Homeowner Protection Act (the “Act”), Regency Investments Ltd. (“RIL”), Omar Sharif (“O. Sharif”), and Amir Sharif (“A. Sharif”) were issued a monetary penalty in the daily amount of $257, to a maximum of $7,700, for each day that passes until the demands contained in Compliance Order 14-0036 (the “CO”) have been satisfied. This Monetary Penalty was issued for the following reasons:

  • RIL, O. Sharif, and A. Sharif contravened s. 14(1) and s. 22(1) of the Act regarding two New Homes in Vancouver, B.C.;
  • The contraventions of the Act by RIL, O. Sharif, and A. Sharif are the subject of the CO issued by the Homeowner Protection Office (“HPO”) on June 10, 2014. The date for complying with the CO was July 10, 2014;
  • The CO directed RIL, O. Sharif, and A. Sharif immediately apply for and become an HPO Licensed Residential Builder (“LRB”) pursuant to s. 14(1) of the Act, and immediately register each of the New Homes for coverage by home warranty insurance provided by a warranty provider pursuant to s. 22(1) of the Act, or provide the HPO with proof that each of the New Homes was built by an HPO LRB and is enrolled in a policy of home warranty insurance pursuant to s. 22 of the Act, or ensure that the New Homes on the property (the “Property”) are owned under a single legal title, and immediately arrange for a restrictive covenant to be registered on the title to the Property restricting the sale or other disposition of any of the New Homes on the Property for 10 years from the date of first occupancy of one of the New Homes pursuant to s. 2(2) of the Homeowner Protection Act Regulation; and
  • RIL, O. Sharif, and A. Sharif failed to comply with the CO by the requested compliance date.