Assignment Sales Toronto in the Pre-Construction Market [November 2022]

toronto assignment sales

Looking for a great deal on a Toronto condo? Check out our list of assignments for sale! With units starting at just $$$$$, you’re sure to find something that fits your budget.

Negotiate significant savings in comparison with resale and other pre-construction units.

Move into your new home in just weeks or months

Get the full warranty on a brand-new, never-been-lived-in unit

An Assignment Sale in the Pre-Construction Market

In other words, an assignment sale is thesale – or “assignment” of a contract to buy a pre-construction condominium suite. An assignment sale usually happens before the condo has been registered, so no one can own the unit itself. The only thing that can be sold is the contract.

When you buy a pre-construction condominium unit, you receive an assignment clause/right to sell in the form of a contract. You can decide to sell your assignment even before the condominium is constructed.

  • The Assignee is not purchasing the property from the Assignor. Instead, the Assignee is obtaining the right to buy the property from a third party, such as a builder.
  • The Assignor is authorizing the transfer of its interest and rights in the Original Agreement with the Builder (or original seller) to another party.
  • The Assignor is assigning its interest in the original deposit to the Assignee.
  • The Assignee agrees to take on all the duties of the original contract from the Assignor.

The many benefits of contract sales exist for both the buyer and seller before a building is even constructed and registered.

This article will explore assignment sales, from why they are used to the process of making this type of transaction and how it can be transferred.

By learning more about assignment sales, you can decide if this type of sale is right for you. Here at GTA-Homes, we pride ourselves on giving our clients the tools they need to make informed decisions about investing in pre-construction homes.

This way, you will be able to determine if an assignment sale is right for you. We at GTA-Homes strive to provide our clients with the knowledge of the pre-construction market, so that they can make a more informed choice when it comes to investing in their future.

Is It Worth It to Purchase an Assignment?

You may be able to find some of the best deals on condos in the GTA by looking for assignment sales. These types of sales typically have fewer buyers because many real estate agents aren’t familiar with them and don’t bother to advertise these listings.

Assignment sales are often foregone by potential buyers because they are not fully understood. Lack of Knowledge about the process can cause people to overpay for their suite due to bidding wars amongst other things. By opting into an assignment sale, you have the opportunity to avoid all that extra competition and pay much less than what you would for a resale unit.

The condo market benefits both the buyer and the seller in multiple ways. The seller can list their unit earlier, and the buyer can save time and money.

An assignment agreement also has the perk of receiving a unit that is brand-new and automatically registered under the seven-year Tarion Warranty Program. Also, you’ll be able to move in much sooner than if you were waiting for the building completion which could take 3 to 4 years!

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