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.

During the interim occupancy, and, according to the condominium act you would be responsible for the monthly payments of interim occupancy fees (which consist of: condo maintenance fee, interest on mortgage/deferred purchase price, & monthly taxes) What many may not know is that Interim Occupancy can last between 3-18 months.

Final Closing is the date after the building is registered as a Condominium Corporation with the City. Refer to email

The Buyer has Three Banking Days after the date that the Assignment Agreement is accepted in order to secure financing. We will connect you with an experienced mortgage broker who can help you with this process. Click here to start the process now.

As the buyer, you will have to pay the initial deposit within 24 hours of the date 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.

Refer to email

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 assignments

Definitely. Once all the conditions in the Assignment Agreement are met and the deposit payment has been issued to the Developer,
the contract is considered legally binding. This is why it is essential to have a lawyer review all of your agreement. Click here to start the
process now.

Yes. Your deposit is insured by a deposit receipt issued by the Ontario New Home Warranty Program. Your deposit will be held in trust
pending developer’s consent. You will then inherit the original deposit held with the developer’s solicitor.

Yes you can. You can get out of the deal by not waiving your condition of finance and solicitor approval. A waiver must be signed
within your conditional period, failiure to do so will render the deal void and all deposits will be returned without interest.

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).