$799,900 | 950 sq ft - 950 sq ft
| , From the Mid $900's | 590 sq ft - 590 sq ft | |
, $1,629,990 - $2,475,990 | 531 sq ft - 954 sq ft | |
, $847,549 - $1,024,649 | 725 sq ft - 902 sq ft | |
, $615,000 - $1,355,999 | 625 sq ft - 1518 sq ft | |
, $524,500 - $645,000 | 700 sq ft - 875 sq ft | |
, $854,990 - $924,990 | 498 sq ft - 900 sq ft | |
, $439,000 | 407 sq ft - 407 sq ft | |
, Please Enquire | 3705 sq ft - 3705 sq ft | |
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Guide to Condo Assignments
If you’re looking to buy a condo, you may have come across some MLS listings that are being sold as “assignments”. Here’s what a condo assignment is and what it means for the Buyer.
Some background on pre-construction condos…
To be able to understand what an assignment is, you need to know a few things:
- When a Buyer agrees to buy a condo from a builder during the pre-construction phase, they sign a pre-construction purchase contract (with a price, terms and conditions, deposit, etc.)
- When the new condo is built and ready to be moved into, there is a period of ‘interim occupancy’, where the Buyer can take possession (in other words, move into the unit). During the period of interim occupancy, the Buyer does not yet own the condo ; they simply pay the builder an amount roughly equal to what their mortgage payment + condo fees + taxes will equal. No transfer of land has yet occurred, and no mortgage has yet been given.
- Once a building has passed all the city inspections and gone through all the processes to become a legal entity, condominiums are officially registered. During this registration period, condo ownership is transferred to the Buyers, mortgages come into effect and Buyers officially become owners (a.k.a. the closing). The period between occupancy and registration (i.e. the interim occupancy period) can be anywhere from 3 months to 2 years–though registration typically happens 4-8 months after people begin to move in for the interim occupancy period.
- Sometimes, Buyers of pre-construction condos change their minds and want to sell their condo either before the occupancy period or before the official close. Their life circumstances may have changed, or they may have been speculative investors who never intended on actually taking possession of the unit. Because they don’t yet own the condo, they can’t sell it. What they can do, however, is sell their contract (their agreement with the builder to buy a unit) to another Buyer. This is what we call an assignment.
What is a condo assignment?
With an assignment, the Seller is selling their interest in a property (in other words, their contract with the builder). They aren’t selling the actual condo (as they don’t own it yet); they are selling their promise to purchase a property.
When you purchase an assignment, you are essentially stepping into the shoes of the original purchaser. You can’t renegotiate the price or terms of the contract; you are simply taking over the contract as it already exists.
It’s important to note that some builders won’t allow their original purchasers to assign contracts, or will only do so for a fee (we’ve seen assignment fees from $750 to $7,000). Builder approval to assign a contract is almost always necessary.
Advantages and Risks of Assignments for Buyers
- When you buy an assignment, you take on all the terms and conditions that the original purchaser agreed to – so if he or she didn’t get a lawyer to approve the agreement, for example, those risks are passed onto you. While you can have your lawyer review the terms they agreed to, you can’t renegotiate them.
- You also take on the usual risks of buying a pre-construction condo: time delays, changes to the unit or building, extended interim occupancy periods, etc.
- Depending on what stage of construction the condo is in when the contract is assigned to you, you may or may not be able to be involved in selecting finishes and upgrades.
- Because it’s a new construction condo, HST may apply. If you don’t move into the unit, you’ll be responsible for paying tens of thousands of HST on closing.
- When a condo is assigned to you, you generally have to mirror the deposit that the original purchaser has paid to date. So rather than providing the usual 5% deposit for a resale condo, you may be required to provide 15% of even 20% as a deposit. If you are a first-time buyer with a lower down payment, you may not be able to afford the deposits required for an assignment.
- With an assignment, you will be eligible for the Tarion warranty program , which provides years of warranties against defects and problems with your condo, and because all the appliances will be new too, they’ll also be covered by warranties.
- When the unit is officially registered, and you close on the purchase, you’ll be responsible for all sorts of closing costs that don’t apply to resale units. These ‘builder adjustments’ apply to all new construction projects and include development and education costs, HST on appliances, utility connections fees, and Tarion fees. These builder closing costs can easily amount to 1-3% of the original purchase price (and there’s talk of the development fees doubling in Toronto soon). If you’re looking at taking over someone else’s contract via an assignment, look to see if the original purchaser capped the amount of these costs when they originally negotiated the unit. Otherwise, make sure you have lots of money put aside for closing costs.
- Legal fees to purchase an assignment condo are usually generally higher than typical resale condo purchases. For a condo under $500K, plan on legal fees around $2,500 (vs. $1,800 for a resale).
- When you close on the actual purchase with the builder, you’ll need to pay land transfer tax . Because no land ever exchanged hands, the original purchaser will get to avoid paying land transfer tax.
- Going through the assignment process can be a great way to purchase a condo in a building that has no remaining inventory, and often the actual purchase price (before closing costs) is lower than it will be once the building has registered, and the condos are offered for sale in the resale market.
The assignment process is a tricky one, with risks, legal requirements and paperwork that doesn’t look anything like the usual agreement of purchase and sale for a condo. If you’re considering an assignment, make sure you work with a REALTOR, who understands the intricacies of assignments and can guide you through the process. As always, we’d be happy to help!
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100+K LOSS! Toronto 55C Condo: 1B 1B Assignment ONLY $619K!!
- Bathrooms 1
- Size (sqft) 510
Description
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252 Church St, Toronto, Ontario, M5B 1Z2, Toronto. 1 Bed 1 Bath 426 sqft. Commercial Unit (Office) for sale in Toronto. Assignment. 23 days ago Available. $470,000. 513-191 Parliament St. Warehouse Lofts, Toronto. 0 Bed 1 Bath 503 sqft.
CondoNow curated list of Toronto Assignment Sales: 11 YV Condos. Metropia Urban Design and Capital Developments and Riocan Real Estate Investment Trust. $1,629,990 - $2,475,990 | 531 sq ft - 954 sq ft. Yonge St & Yorkville Ave, Toronto. $1,629,990 - $2,475,990 | 531 sq ft - 954 sq ft. Public.
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Toronto Real Estate & Assignment Sales Network (Assign Circle) This group is designed to assist real estate agents and clients looking to BUY OR SELL their real estate assignment property. All assignments in Toronto...
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Typically the commission is the same as with resale. Here is a primer for you on assignments if you are interested reading one of my blogs. Your agent is correct with resale you can see what you are getting, also with established buildings you have a history and it's easier to review the financials and so on.
40 votes, 30 comments. 91K subscribers in the TorontoRealEstate community. The Latest Real Estate Market News, Trends & Advice For Toronto GTA and…
Find an Assignment for Sale. This is the CondoNow curated list of Toronto Condo Assignments, Town Assignments and more throughout the GTA. An assignment sale is when the original buyer sells a pre-construction property before they take possession - in other words, they sell the contract they have with the developer to a new purchaser. Buyers get a great deal by negotiating significant ...
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Check Buzzbuzz home for newly listed pre cons. In terms of assignment sales, it's really the Kijiji and FB market place realtors that are selling. Inquired about a few on Kijiji and the realtor added me to a WhatsApp group. I didn't end up buying the assignment, just got a pre con from the builder directly.
Other in City of Toronto. Ad ID 1676086313; Assignment Help . Posted about 3 hours ago. Bay St, Toronto, M5G 2L2. Description. Hi, I can provide help with any type of student assignments, from high school to college assignments. Send a message with assignment details. ... Show more. 1 visit. K. Kijiji User. Private seller. 1 listing--avg reply ...
Otherwise, make sure you have lots of money put aside for closing costs. Legal fees to purchase an assignment condo are usually generally higher than typical resale condo purchases. For a condo under $500K, plan on legal fees around $2,500 (vs. $1,800 for a resale). When you close on the actual purchase with the builder, you'll need to pay ...
FIRE ASSIGNMENT SALE - UPPER VISTA MUSKOKA Intersection: Village Road & Wellington Street , Bracebridge 4 Bed | 3 Bed 2 parking 2338 sqft For more information on this project, Please DM me at 647-389-6007 or email me at [email protected] Jonathan Zadegan, Broker RE/MAX Hallmark Ari Zadegan Group Realty www.thezadegangroup.com
Short Term Rentals in City of Toronto. Ad ID 1703079514; Lease Assignment - 2 months in North York(Sheppard Yonge) : Dec . $2,566. Posted about 2 hours ago. Greenfield Ave, Toronto, M2N 0L1 ...
100+K LOSS!!Seller Losses everythingToronto 55C Condo: 1B 1B Assignment ONLY $619k ⭐TOP Tier Yorkville Location⭐ 55 Charles St E, Toronto 1 Bed 1 Bath 510 Sq.Ft ☀️ W View Floor: 30th+ Occupancy: soon ONLY $619,000!!!! Contact Patricia Today! Patricia: 416-464-2788 Email: [email protected] Website: CondoAssignment.ca