Buying an Assignment
Most people who buy a condo take ownership through the Land Registry System. Just before the day of closing, you transfer money to your lawyer and if you need additional funds via a mortgage, your lawyer will register your ownership of the property and the interest of the mortgage lender.
An Assignment means that you are buying a ‘right’ to own a condo that is not in the Land Registry System. Usually the condo has not been built or it is not ready for occupancy and the building has not been registered. This ‘right’ is just a paper transaction and not the transfer of the actual property. The closing of the Assignment occurs before the condo is registered. The individual who buys the ‘right’ will eventually close and register their ownership of the condo at some later date.
The number of Assignment transactions is growing rapidly. For sellers who bought a new condo from plans several years earlier and whose plans have changed, this is an opportunity to sell before they have to get a mortgage and incur additional closing costs such as that dreaded, double Land Transfer Tax. For buyers who want a brand new condo without having to wait years for construction to finish, or who can not find what they want in the resale market, it represents a lot more choice. Most Assignments are sold on an ‘Exclusive’ basis. They are also more complicated than a regular sale because a mortgage can not be obtained on the closing of the Assignment, and will need to be postponed until the day of registration. Other issues such as occupancy, reimbursement of the seller’s deposits and more must be taken into account.
You need a Realtor that is trained in finding and drawing up the Offer for Assignments. At CONDO BANK we have exclusive assignments and we have the most Realtors who are trained in doing these transactions. So if you want to buy or sell an Assignment then you have come to the right web site! We also have the best trained Realtors with the most expertise in Assignments!
Selling an Assignment
In your original purchase agreement, the condo builder would have put in specific rules about selling a unit before occupancy, registration, etc. Most Condo Assignments (almost 90%) cannot be advertised or posted on the MLS, which is typically the way to gain maximum exposure to your property. This means that they can’t easily be found or searched on the web. However, there are ways to market and promote your property other than MLS that will have an impact on exposure and ultimately, the sale of your unit.
The sale of your Assignment condo depends on marketing. The most amount of people it is exposed to, the higher likelihood of a buyer wanting to purchase it.
We are a top digital Real Estate Marketing Team that ensures your listing will be exposed to hundreds of thousands of people! We achieve over a million views with our web presence yearly! We are ranked in the top pages of Google on hundreds of key real estate search terms. You need a Real Estate team that offers this type of exposure to your assignment condo listing. To sell preconstruction assignments, we personally rely on the MLS board, internet distribution and paid ads. We also advertise on Royal Lepage Network, property guys, Prelist.org, The Lourantos Group, Cottage Marketer, HomeFinder, Homicity.com, Listnet.ca, Mortgage Group, Ovlix, Point2Homes, Propy, Seekaboo, Snap Up Real Estate, The Real Estate Book and Tradehomes.
In addition, we have over 400 agents working in our offices alone. Add to that our access to national Royal Lepage Meadowtowne agents and you have a pretty powerful networking tool. We notify top like-minded, top producing realtors to help spread the word and network your property. And we can’t forget our Buyer’s club– access to clients and potential investors who are looking for opportunities like yours!
If you are looking to sell your assignment condo and would like to work with an experienced Toronto Real Estate Team with proven sales, call us at 416-648-4004 or email us at email@example.com. Send us a copy of your assignment agreement, final occupancy date, price and deposit structure so we can better assist you.