WHAT IS AN ASSIGNMENT?

BUYING A CONDO BY WAY OF ASSIGNMENT

Most people who buy a condo take ownership through the Land Registry System. Just before the day of closing, you transfer money to your lawyer and if you need additional funds via a mortgage, your lawyer will register your ownership of the property and the interest of the mortgage lender.

An Assignment means that you are buying a ‘right’ to own a condo that is not in the Land Registry System. Usually the condo has not been built or it is not ready for occupancy and the building has not been registered. This ‘right’ is just a paper transaction and not the transfer of the actual property. The closing of the Assignment occurs BEFORE the condo is registered. The individual who buys the ‘right’ will eventually close and register their ownership of the condo at some later date.

The number of Assignment transactions is growing rapidly. For sellers who bought a new condo from plans several years earlier and whose plans have changed, this is an opportunity to sell before they have to get a mortgage and incur additional closing costs such as that dreaded, double Land Transfer Tax. For buyers who want a brand new condo without having to wait years for construction to finish, or who can not find what they want in the resale market, it represents a lot more choice.

Most Assignments are sold on an ‘Exclusive’ basis. They are also more complicated than a regular sale because a mortgage can not be obtained on the closing of the Assignment, and will need to be postponed until the day of registration. Other issues such as occupancy, reimbursement of the seller’s deposits and more must be taken into account.

You need a Realtor that is trained in finding and drawing up the Offer for Assignments. At RE/MAX Condos Plus we have biggest Company site for selling Assignments and we have the most Realtors who are trained in doing these transactions. So if you want to buy or sell an Assignment then you have come to the right web site! We also have the best trained Realtors with the most expertise in Assignments!

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12 Responses to WHAT IS AN ASSIGNMENT?

  1. Anthony Sheen says:

    Would like to possibly sell my pre-con. condo at the Modern on Richmond. Would like some info on how much it may be worth. It is a 1+1, 2 full bath, 695 sq ft. , 355 sq ft. terrace with views west to downtown (5th floor), and a locker.

  2. I?m no longer certain where you're getting your information, however good topic. I must spend some time learning more or working out more. Thank you for excellent info I used to be on the lookout for this info for my mission.

  3. Unquestionably imagine that that you stated. Your favorite reason seemed to be on the web the easiest factor to be mindful of. I say to you, I certainly get annoyed even as other folks consider issues that they plainly do not understand about. You controlled to hit the nail upon the top and also defined out the whole thing without having side effect , folks could take a signal. Will probably be again to get more. Thanks

  4. Heya i am for the first time here. I came across this board and I in finding It truly helpful & it helped me out a lot. I am hoping to present something back and help others such as you aided me.

  5. DANIEL says:

    There are also some risks in buying an assignment like there are no sales on the MLS to make sure that you pay the righ price for your condo.

  6. Fantastic post, very informative. I'm wondering why the other specialists of this sector don't understand this. You must proceed your writing. I am confident, you've a great readers' base already!|What's Happening i am new to this, I stumbled upon this I've found It absolutely helpful and it has aided me out loads. I am hoping to contribute & aid different customers like its helped me. Great job.

  7. parc rosewood says:

    I do agree with all of the ideas you’ve offered on your post. They are very convincing and can certainly work. Still, the posts are very short for novices. May you please prolong them a little from subsequent time? Thank you for the post.

  8. Toronto is as Toronto is.

  9. estuary says:

    Estuary @ Yishun
    Thank you for your post. I really like it
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  10. n.m. says:

    What the heck is wrong with everyone who has commented on this post? Decent article but looks like you've outsourced your comments to India or something.

  11. from where we can buy assignments?

  12. Warren says:

    We have seen builders put clauses in their offers that prevent buyers from assigning the agreement. We don’t see many assignments occur. I am sure they happen but we don’t see many.

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