Toronto Assignment Sale - Check out Pre construction Condos, Townhomes & Detached home assignment for sale in Toronto.

1. What is a preconstruction assignment sale?

An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller.

2. Is an Assignment legal in Toronto?

Unless otherwise prohibited  or restricted in writing in the original agreement of purchase and sale, It is mostly legally permitted. In some cases, the developer may charge the assignor a fee for this kind of sale. The best thing to do is to contact the builder directly to confirm if you are allowed to assign your purchase contract because assignment restriction and fees vary from builder to builder.

There are a few things to consider when considering purchasing a pre-construction property through an assignment sale:

Due diligence: It is important to do your due diligence and thoroughly research the property, the developer, and the terms of the original purchase agreement. This may include hiring a real estate lawyer to review the agreement.

Closing date: Make sure you understand the closing date of the original purchase agreement and whether it is realistic given the stage of construction.

Deposits: Understand the deposit structure of the original purchase agreement and whether you will be able to get your deposits back if you are unable to close on the property.

Fees: Be aware of any fees that may be associated with the assignment sale, such as assignment fees or legal fees.

Market conditions: Consider the current market conditions and whether the price of the property is reasonable.

It is always a good idea to seek the advice of a real estate lawyer before entering into an assignment sale agreement. They can help you understand the terms of the agreement and ensure that your interests are protected.

Homebaba is one of the leading online marketplace for pre-construction and assignment sales in Toronto, Ontario. Check out hundreds of Toronto Assignment Sales advertised by Real Estate Agents in Ontario.