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Aug 18 CONDO ASSIGNMENTS | TORONTO CONDO ASSIGNMENTS article

Condo-assignments

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A CONDO ASSIGNMENT is a real estate transaction which allows the original purchaser of a condominium to transfer, or "assign" the rights and responsibilities for the property to a new buyer under the terms of the original real estate contract. The agreement to purchase and occupy a condominium unit is what is assigned during this process, and assignments can only happen during the time between the pre-construction sale and before the property is registered with titles being granted.

During CONDO ASSIGNMENTS, the original purchaser of the unit (known as the assignor) sells his or her right to purchase a condominium. The result of this transaction is that the new buyer (known as the assignee) takes on the terms agreed to by the assignor under the original contract from the pre-construction sale. This means that assignee will pay the already agreed upon mortgage, taxes and maintenance fees during the interim occupancy period. When the condominium is complete, the title will transfer to the assignee leaving the assignor with no responsibility or right to the property. No changes or modifications can be made to the original purchase and sale agreement under assignment.

Many buyers are unfamiliar with the concept of CONDO ASSIGNMENTS, and may have never even heard of it. There are complexities to this process, however competent real estate professionals can help you decide if assignment is right for you and walk you through every step of the way. Assignment offers many benefits that are not available in re-sale or pre-construction sale opportunities, and can be an excellent real estate derivative for anyone seeking to purchase a new home at an excellent price.

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