What is an Assignment?
A Condo 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”).
Assignment sales can be complicated transactions and is a very niche market, so it is important to have a Broker on your side that is very experienced in Assignment transactions.
A big part of my business is in working with Assignments and Investors. In addition I am an investor myself and have successfully Assigned dozens of my own units.
There are Some Major Advantages of Buying and Selling Assignments
Assignors (Sellers)
- Can save money you money
- Occupancy fees
- Closing costs
- Land transfer taxes
- You can sell before any other serious completion in your building.
Assignees (Buyers)
- Saving on Land Transfer(depending on when the assignor bought the unit)
- May still be able to select tyour own finishes, colors &upgrades
- Can inherit extras such as credits on closing and may also benefit from GST/HST credits
- Buy below market value
Marketing Assignments
Because Assignments for the most part cannot be advertised on the MLS it is important to have a solid marketing plan in place.
To Successfully Sell Your Assignment I Will:
- Send an email blast to 30,000 Realtors throughout the GTA
- Send an email blast to my large database of investors and buyers
- I have a full-time marketing staff that literally spends every working hour posting my assignment listings online. There are close to a dozen sites across the globe that we successfully market on
- If I find an Assignee(Buyer) through my online marketing, which I often do then I will offer a commission rebate.
- The Condo Store is know across the globe for buying and selling exclusive listings and we are constantly approached for assignment.
Assigning your Condo
Most builders do allow condo assignments in Toronto, there are however some rules in the original agreement that sometimes have to be followed. Even with strict rules in place there are other options that are available to you.
