Selling can be a time of uncertainty and it can become an often stressful transition. Without the right people and support, sellers may find themselves lost in a competitive market. Their property has little to no exposure and they cannot make contact with those buyers that are actively seeking for new properties to purchase.  Condominium assignments are relatively new in the market, but sellers who have been taking the time to learn about them have been reaping the rewards. Saving time and maximizing their profits.

Sellers have an opportunity to showcase their units for thousands of potential buyers to see. 

In addition, members will also be able to work with our real estate lawyers, mortgage specialists and property management consultants that specialize in condominium assignments. Our goal is to get your unit sold and everything we do serves this objective. Having completed numerous transactions in an increasingly proficient manner, we can offer you the peace of mind and security that you deserve. Everyone on the team has dedicated their time and efforts to bring assignments to the forefront of the real estate market. Sign up and let us make it easy for you.
 
 What is an          Assignment      ResaleVS           Assigning       As Your
Assignment         Advantages      Assignment       My Unit         Landlord

What is an Assignment
 
An Assignment is a legal sales transaction whereby the Original Purchaser (the "Assignor") of a property sells, and thereby transfers, their interest and obligations under the original contract to a new Purchaser (the "Assignee"). This assignment takes place during or before interim occupancy. The "Assignee" will assume all of the "Assignor's" duties and obligations under the original Purchase & Sale Agreement. These rights and obligations are stated in the original Purchase & Sale Agreement and include terms such as payments of mortgage, taxes and maintenance fees during interim occupancy. Upon Completion, the "Assignee" is granted the Title to the real property and will incur all final closing costs.

An Assignment fee may be charged by the Developer and is normally a cost borne by the "Assignor" (the Original Purchaser).


Assigning My Unit

In terms of profit, some owners think it would be better to wait and sell their unit on the open market for a higher price. However, they may have forgotten about the costs involved in closing their unit. On average, closing costs have been $15000 including provincial land tax, city tax and education levies along with Tarion Warranty fees, legal fees, hook-ups, disbursements and adjustments not to mention a host of additional fees that the developers are conveniently adding. Most have no idea that they have signed an agreement which allows for these provisions. A large portion of these fees would be waived to the end user (assignee) as it would be their primary residence, since they are taking over your position, even the land transfer tax in many cases. If they buy from you after final closing this fee will be paid again by them, limiting their price point.

You are also paying the Interim Occupancy fees (mortgage, tax and maintenance) up until the final closing. Lets not forget to mention the waiting time, some buildings can take up to 10 months to close on average, $1600 per month or $16,000 over the Interim Occupancy Period. For owners not planning to move in to the units themselves, this can cut into profits or even their downpayments. By the end of it, they’ve paid more in closing costs and carrying costs than the difference between the resale and assignment sale price.

Resale VS Assignment

The most common question we have been getting is “Can I legally assign my unit?” For the most part, developers will give consent to allow for assignments. In fact in the past three years we have yet to run into this difficulty. When and if this happens, we have a plan “B”. Trust in us and let us do what we do best, our job!