Assignments
An Assignment can be a complicated transaction 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.
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”).
There are Some Major Advantages of Buying or Selling Assignments
ASSIGNORS(Sellers):
- You can sell before your building is complete and you have to take out a mortgage
- Can save you money on; closing costs, occupancy fees, land transfer taxes
ASSIGNEES(Buyers):
- Saving on Land Transfer(depending on when the assignor bought the unit)
- May still be able to select tyour own finishes, colours & upgrades
- Can inherit extras such as credits on closing and may also benefit from GST/HST credits.
- Buy below market value
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.
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.
TECHNOLOGY! TECHNOLOGY! TECHNOLOGY!
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.
