We’ll walk you through the process of selling your new pre-construction condo to a qualified buyer. Assignments are what we call them:
Can the original purchase and sale agreement be assigned? Are you familiar with it or did you have a lawyer review it when the purchase was made?
2. Does the Assignment have any marketing restrictions? Does the developer allow MLS®, exclusive, or private listings
3. Does the Builder require the Seller and the New Buyer to sign the Builder’s consent form or the Builder’s assignment agreement?
4.The New Buyer will surely be required to get a Mortgage Pre-Approval from the Bank to ensure that they are qualified by the Bank to give them a New Mortgage at time of completion and final closing.
5. It is now time to find out who pays the Builders Consent Fee for allowing the Assignment. Either party can agree to pay – it’s up to the negotiation between the buyer and seller. All of this is part of the negotiation process.
6. The Assignee (New Buyer) will have to agree to pay the Assignor (Seller) an amount equal to the deposit with the builder + the price difference between the Original Purchase Price and the New Agreed upon Purchase Price offered by the New Buyer.
7. All documents related to the original purchase and sale agreement must be provided by the seller to the assignee (newbuyer).
8. Despite having successfully completed the Assignment, the Assignor (Seller) may still be obligated to the Builder if the Assignee fails to complete the purchase.
9. The Assignor (Seller) is usually responsible for the following costs:
builder fees for permitting an Assignment
his own lawyers fees
bringing all the deposits up-to-date
Real Estate Commissions payable on Assignment transaction
