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WHAT IS AN ASSIGNMENT?
An assignment of an Agreement of Purchase and Sale is when the original purchaser of a pre-construction property ('Assignor') agrees to allow a new purchaser ('Assignee') to take over the contract with the Builder. The original purchaser does not have to close with the Builder and does not take possession (if occupancy has not taken place) or title to the property. The new buyer takes over and completes the transaction with the Builder.
FROM THE STANDPOINT OF THE SELLER / ASSIGNOR >>
You can recover your deposits that you have paid to-date to the Builder and also receive a profit amount from the market-lift on the unit. You do not have to close the transaction with the Builder and therefore avoid the closing costs associated with a new property (including the HST rebate amount). The goal when assigning a property is normally to obtain as much of the funds (deposit and profit) up-front as possible.
FROM THE STANDPOINT OF THE BUYER / ASSIGNEE >>
You can purchase a new property at a lower price-point than other new construction properties for sale. Often the purchase price will be even LOWER than what is the current market-value in resale. You don't necessarily have to wait the 3-4 years until taking possession as is normally the case in a pre-construction purchase. The goal when buying an assignment is normally to pay as little of the funds (deposit and profit) up-front as possible.
BECAUSE OF OUR EXTENSIVE NETWORK OF CURRENT CUSTOMERS AND CLIENTS, BIG CITY REALTY ARE IN AN EXCELLENT POSITION TO ASSIST YOU IN EITHER ASSIGNING YOUR PROPERTY OR PURCHASING AN ASSIGNMENT.
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