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CONDO ASSIGNMENTS

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Condo Assignments Toronto

Our team specializes in new condos and assignments with thousands of new condo buyer database. If you’re looking for expertise, Call us at 416-414-8888

Assignment Sale
Duo Condos
Developer:
National Homes & Brixen Developments Inc.
Address:
245 Steeles Ave W, Brampton, ON, L6Y 0B5
Assignment Details
2 Bed 2 Bath For $840,000
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Assignment Sale
Kindred Condos
Developer:
The Daniels Corporation
Address:
2475 Eglinton Ave W, Mississauga
Assignment Details
2 Bed 2 Bath Split bedroom $799,000
Eglinton & Erin Mills
804 SQFT
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Assignment Sale
Charing Cross Condos
Developer:
Lancaster Homes
Address:
385 Arctic Red Drive, Oshawa, ON
Assignment Details
2 Bed With Parking $650,000
9288 Sqft
Occupancy July 2024
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Assignment Sale
The Way Urban Towns Phase 2
Developer:
Sorbara Group Of Companies, Metropia, Greybrook Realty Partners
Address:
2277 South Millway, Mississauga, ON
Assignment Details
2 Bed 2 Bath Corner $749,000
1050 SQFT
Occupancy Sept 2024
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How Do Condo Assignments work?

If you wish to buy a brand new suite in a newly built condominium in your area only to find that all condos in your chosen area have been sold out? Even if you discover that condos you wish to own are sold out, you can still buy them. That is possible with an ‘Assignment of Agreement of Purchase and Sale’ or simply known as ‘Assignment Sale’.

Why do people Assign Their Condo?

A buyer who has bought a new condo in pre-construction stage a couple of years back decides to sell his condo before closing due to some reason such a change in financial condition, job, marital status or wish to make a profit. It cannot be a sold using conventional methods as City has not given the permission for Occupancy yet. Though original buyer can legally assign the condo to a thirty-party buyer through ‘Assignment of Agreement of Purchase and Sale’.

Benefit To the Buyer (Assignee)

There can be various reasons for entering into such an agreement.

Mostly, It’s the only way for the buyer(Assignee) to purchase a brand new unit within a few months of completion thus avoiding the risk of the project being cancelled (lost equity) and long wait time of typical pre-construction.
Buyer (Assignee) receives a price discount over current properties on the market. This is a great way to build equity in the unit as prices typically go up once the Building is registered and Condos are offered on the resale market.
Buyer will receive a brand new home with Tarion warranty and depending on the stage of construction, the ability to make finish selections.
Buyer may sometimes take advantage of the deposits made by the Assignor and may be able to put a lower deposit (especially if the unit is in occupancy and close to final closing).

Benefit To the Seller (Assignor)

Since there are buyers available, especially of Toronto Condos that are high in demand, original buyers may sell their newly purchased condo for a decent profit.
Avoids Builder closing costs, Tarion fees and Land transfer taxes.
Seller may not have to pay GST/HST rebate back to Builder (Consult a tax professional with regards to potential GST/HST on increased unit value). Individuals who do not intend to occupy the unit on closing are required to pay this rebate back to Builder. Though investors who plan to rent the unit out for at least one year can claim the HST back from the Government but would still have to come up with this significant amount on closing with Builder.
The Seller (Assignor) avoids carrying costs such as maintenance fees, property taxes, mortgage associated with the unit after the final closing while the property is up for sale.
Faster return of deposit (ROI). Most assignments require that all of the Assignor’s initial deposit to Builder be returned at the time Builder executes the assignment. This frees up Assignor’s deposit for other investments and avoiding the long wait until final closing.
Changes in circumstances such as change of job, marriage, the birth of children, illness, etc. can lead the original buyer to sell his or her condo. It helps in relieving from the contract.

Assignments Comprehensive Guide & FAQs

Do you have more questions? We have written a comprehensive guide for our clients.

CONDO ASSIGNMENTS

CALL 416-414-8888

Condo Assignments Toronto

Our team specializes in new condos and assignments with thousands of new condo buyer database. If you’re looking for expertise, Call us at 416-414-8888

Duo Condos

Kindred Condos

Charing Cross Condos

The Way Urban Towns Phase 2

Are you not able to find what you were looking for? Let us Find It For You!

How Do Condo Assignments work?

Why do people Assign Their Condo?

Benefit To the Buyer (Assignee)

Benefit To the Seller (Assignor)

Assignments Comprehensive Guide & FAQs

Feel free to read it here.

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