Frequently Asked Questions
What is an Assignment Sale?
When you buy a pre-construction condo you are buying the rights to purchase the unit from the builder once the building is complete. Once these rights are purchased from the builder the owner can sell them to another buyer. The act of selling the right to purchase the pre-construction condo is called an Assignment Sale.
Do I need a larger down payment to buy an assignment sale?
Yes, upon closing an assignment sale the buyer needs to pay the downpayment to the developer (typically 20%) plus they need to pay the the difference between the amount the seller is buying the unit for and the amount that the seller is selling the unit for. For example if the preconstruction condo was $400,000 but you have offered $500,000 for the unit you now have to pay $80,000 for the original downpayment and $100,000 for the spread between the sellersbuy and sell price. This requires a total downpayment of $180,000.
Does the builder have to give consent for me to sell my unit on assignment?
Yes, The builder does have to give consent in order for you to be able to sell the unit on assignment. Remember the builder needs to make sure that the buyer will be able to purchas the unit. Please also note that there may be a fee charged by the builder for the assignemnt. The assignment fee varies from building to building.
Why Are Assignment Sales Not all on the MLS?
An assignment sale can be on the mls depending on the policies of the developers. Many times the developers have their own stock in the building that they release at later dates and they do not want to compete with other units in the building. Its for this reason amongst others that you may not be allowed to post your assignemnt sale on the MLS.
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Real Estate Agent
"When working with pre-construction properties it is very important to have representation that can read and understand floor plans. Ayaz's honesty and integrity along with extensive market knowledge has made him great to work with."
Remax Hallmark Realty Ltd.
785 Queen Street East
Toronto Ontario, M4M 3G9
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