Transferring all the rights and obligations of the Assignor (original buyer) of a bonafide Sales and Purchase Agreement with the current owner (usually the condo builder) to a new buyer, the Assignee, prior to the Assignor taking title at final closing. The Assignee “steps into the shoes” of the Assignor.

Most people buy an assignment to obtain a unit that is new and usually less expensive than the market value and the pre-sale value. As assignments can’t be advertised by conventional means (MLS) (newspaper), there typically are fewer people looking at them. This could mean that less demand will lower the price.

The Interim Closing is the date the Developer hands you the keys and allows you (the owner) to occupy the condo even though the building has yet to be registered with the City. During the interim occupancy, and, according to the condominium act the owner is responsible for the monthly payments of interim occupancy fees.

The Interim Closing is the date the Developer hands you the keys and allows you (the owner) to occupy the condo even though the building has yet to be registered with the City. During the interim occupancy, and, according to the condominium act the owner is responsible for the monthly payments of interim occupancy fees.

Final Closing is the date after the building is registered as a Condominium Corporation with the City. On this date, the purchaser (owner) pays the balance owing, as per the contract of purchase with the builder mortgage starts.

The Buyer has to arrange prior to the Assignment Agreement is accepted. We will connect you with an experienced mortgage broker we can help you with this process.

As the buyer, you will have to pay seller the initial deposit seller has paid to the develope and being held by the developer in the trust account upon being the Assignment Agreement is accepted. You will also be responsible for monthly Interim Occupancy fees to the Developer upon interim closing and the balance of the condo payment to the Developer on Final Closing.

You can move in on the interim Closing Date stated on the Assignment Agreement. This is your Possession/Occupancy date.

Yes, no matter what you do in real estate, you should always have legal representation. But finding a lawyer whom is knowledgeable in new home condominium assignment law is challenging. We can connect you with a lawyer who has helped many clients purchase and sell assignments.

In an assignment, there are three things that are negotiable between the Assignor (seller) and the Assignee (buyer).

New Purchase Price – The Assignor’s price of the assignment 

Deposit Amount – The amount that the assignee is willing to put down as an initial down payment keeping in mind that (the assignor more than likely has already deposited 25%).

Closing Date – Depending on what the assignor and assignee agree on, ideally you would want to have the assignment closing on the same day that the condo is available for occupancy. This will lessen expenses and optimize the final price.

Let us handle that for you. We will set-up set up an easy and reliable solution that is designed to get you the unit you want. One of our experienced REALTORS will look after your best interests and educate you about the Assignment process and negotiate the best price on your behalf. We will gather the all information necessary to make an informed decision.

Definitely. Once all the conditions in the Assignment Agreement are met and the deposit payment the contract is considered legally binding. This is why it is essential to have a lawyer review all of your agreement.

Yes. Your deposit is insured by a deposit receipt issued by the whoever holds it in trust  Your deposit will be held in trust pending developer’s closing. Buyer Normally inherits the original deposit held with the developer’s solicitor

Yes and NO. Terms in your contract will outline everything.

Responsibility for all closing costs fall to you the assignee (buyer). Remember once the assignment is firm, you have taken over as the purchasers of this unit in every aspect. The developer no longer is concerned with the original purchaser of the unit (assignor/seller).