Condo Assignment Sales

A Condo Assignment occurs when a Buyer transfers (assigns) his right to buy a property to another buyer. The only phase for an assignment is after the Pre-Construction Sale and before Occupancy.

The builder gives the opportunity the buyer to resell the right to purchase the property before occupancy and before the sale of the property is complete. The Builder usually approves the Assignment.

Selling a Condo Assignment

STEPS WHEN SELLING AN ASSIGNMENT

1. Review original contract and make sure that you are eligible to assign the contract
2. Find out how much the Assignment Fee (Administration Fee) is payable to the Builder
3. Seek independent legal and financial advice
4. Review the Contract with your Lawyer
5. Market your property:
   1. You may attempt to sell it yourself (read this article first)
   2. Hire a licensed real estate agent instead to handle the transaction
6. Make sure you negotiate so that the Buyer assumes the Assignment Fee, not you!
7. Fees are then transferred to the Builder
8. You are still liable to the Builder in case of the Buyer defaults. Make sure you are covered!

The sale of an Assignment of sale is a complex transaction. We can help you MAXIMIZE your benefit!

Buying a Condo Assignment

STEPS WHEN BUYING

1. Review the seller's contract and make sure that you are eligible to purchase the contract
2. Find out how much the Assignment Fee
3. Make sure you negotiate so that the Seller pays the Assignment Fee
4. Pay the transfer fees to the Seller though your solicitor
5. Review the Assignment with your Lawyer
6. You will need Special Financing Arrangements - Call our team to PREAPPROVE you!
7. Make sure you understand additional costs involved
8. The Builder may increase the Maintenance Fees as seen appropriate
9. Builder may charge you a fee for occupying the premises prior to occupancy, just like rent

Our goal is to represent you as a Buyer and get you the BEST DEAL possible.

Once the Assignment Fee is paid from the new owner to the old owner that new owner is then obligated to pay the original purchase price of the property as per the terms of the original Purchase and Sale Agreement to the developer.

At PlanIt Real Estate, we believe EVERY transaction must be FUN and SUCCESSFUL!
PlanIt Real Estate Team works for you!

Why You Should Use a Condo Specialist to Buy and Sell A Condo Assignment

Did you know...
If the Salesperson at the condo site works only for the developer, who is working for you? We are!
Your Exclusive Condo Team!

Our Condo specialty Team offers the following when you purchase a preconstruction condo:

1. Our Condo Team has no interest in these developments. You receive solid advice on which development and builder is the best one you should buy.
2. You are guided on how to deal with capping the closing costs, obtain financial approval, negotiate your unit’s upgrades, change or lower deposit schedules to your benefit and more.
3. You enjoy TOP ranking because we attend all VIP events. Most condo developments are on sale before they reach the public. Buying with our team gets you Front-of-the-line treatment! We give you the edge you need by notifying you of purchasing privileges. We guarantee advanced notification.
4. You are advised which units you should buy for your purpose. We study floor plans, views and exposure in order to maximize your present and future benefit.

And, best of all... the Builder pays our commission!