Asssignment

Please submit your Assignment sale Information here and send your property photos by email to the following email address:
  • info@condosmyhome.com
For more information call Farzad at:
  • Cell: (647) 890-0277

What is an Assignment Sale?

A Contract Assignment occurs when the Original Buyer [Assignor] who purchased from the Developer chooses to “Sell” their contractual rights in their contract to a new Buyer [Assignee] before the Completion date. The Buyer can transfer the contract for any price, even for a higher price than they paid for the property. (If the Original Buyer [Assignor] received the Assignment Clause at the time of purchase from the Developer).

In the Assignment, the new Buyer [Assignee] must transfer the money to the Original Buyer [Assignor] in this way:

* Deposit + Profit.

The Original Buyer is not truly selling the property (Because they technically do not own it yet) but, instead, is technically selling his or her interest and rights in the contract.

Pros of Assignment for the Buyer
(Assignee):

  • Buying a property at a reduced Discounted price compared to purchasing a resale unit at market value. The Luxury of Buying a Brand New Unit.
  • The Assignee will get his or her unit much faster instead of waiting 4-6 years like in a typical pre-construction contract.
  • The Assignee may still be able to select his or her own finishes, colors, and upgrades. (Depending on how far along with construction ).
  • Assignees will likely get great incentives like the seven-year Tarion Warranty Program and other incentives from the builder.

Assignment Form

Assignment Form

Pros of Assignment for the Seller (Assignor):

  • Get your deposit back and lock in your profit sooner,.
  • Avoid paying land transfer taxes.
  • Avoid paying HST.
  • Don’t need to take out a mortgage or incur any other closing costs.

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