Condo Assignments

What is an Assignment?

An assignment condo sale refers to buying a condo off of a previous buyer before it is officially registered in the Land Registry System. To illustrate the most common type of example in today’s market, please see the following scenario:

A buyer purchases a pre-construction condo through the condo sales office. His or her intention is to live in that condo once it’s completed in a few years. However, plans change after about a year or so, and that buyer decides they want to sell their pre-construction condo prior to taking occupancy or ownership of the unit. This can be accomplished using an assignment sale, where the original buyer finds a new buyer for their condo. This new buyer assumes the responsibilities and enjoys all the benefits which were offered to the original buyer.




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One Comment

  • Condo Assignments Toronto says:

    Very informative post.With the explosion of condo developments in Toronto today, more and more assignment transactions are taking place. An assignment is the transfer of a contract before occupancy. It means taking over the contract of the original buyer with the developer.It would be wise to home buyers to seek legal advice and professional real estate advice before entering into any contract

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