If you're somewhat familiar with real estate, then you must have heard of the term "assignments". But, do you know what that term means in the real estate world (No, they're not what your teacher assigns you in school). 

Assignment Definition

An assignment is a transaction between the assignor (the original buyer of the property) and the assignee (the new buyer of the property). The assignor and assignee enter a contract in which the assignee will take over the rights & obligations of the contract of purchase and sale. All this happens before the completion date of the intial sale. 

This is a legal, and legitimate practice in real estate. 

Despite this being a legal practice, the RECBC has developed requirements that must be followed to avoid abuse of assignment contracts. These requirements include: 

• The contract must not be assigned without the written consent of the original seller 
• The seller is entitled to any profit resulting from an assignment of the contract by the buyer or any subsequent assignee

Important Assignment Terms To Know

Lift: The lift is the balance of the assignment amount (Typically a positive number because property values appreciate over time). Essentially, it's what the assignor is getting paid by selling this assignment to the assignee. 

Assignment Fee: The developer commonly charges an assignment fee. This can be found in your original contract. You should also be aware that you may need developer approval before being able to assign your property. 

In conclusion, selling an assignment can be confusing, and is quite different from selling a regular property. This is why it's important to do your research before! 

As always, feel free to contact us if you're interested in buying/selling an assignment! We are here to help make your real estate journey as smooth as possible! 

Resources:

https://www.recbc.ca/licensee/contract-assignment-faq-2.html

The weather is looking sunny for the next coming weeks, which means PATIO SEASON is BACK!!

Here's some of our favourite Yaletown patios: 

The Parlour

Address: 1011 Hamilton St, Vancouver

Website: https://theparlourrestaurants.com/

Enjoy their handcrafted pizzas and have a nice cocktail on their chill patio.

Image Source: The Parlour Restaurants

Banter Room

Address: 1039 Mainland St, Vancouver

Website: https://www.banterroom.com/

Banter Room offers one of the most lively patios in Yaletown, with their extensive Happy Hour menu from 2-5PM everyday!

Image Source: Banter Room

Yaletown Brewing Co.

Address: 1111 Mainland St, Vancouver

Website: http://www.mjg.ca/yaletown/

If you're a beer lover, then you must know about Yaletown Brewing Co. Enjoy different beers, ales, IPAs... with their rotating taps. They're also open until late everyday!

Image Source: Yaletown Brewing Co.

Brix & Mortar

Address: 1138 Homer St & 1137 Hamilton St (Second entrance)

Website: https://www.brixandmortar.ca/

Feeling classy? Then don't miss out on this unique patio experience at Brix & Mortar, along with their wide variety of wines to choose from.They also have 30% off bottles of wine on Monday (<$100)!

Image Source: Brix & Mortar

Ancora

Address: 1600 Howe St, Vancouver

Website: https://www.ancoradining.com/

Enjoy fresh seafood made with a Japanese-Peruvian twist, and amazing cocktails on their waterfront patio overlooking Granville Island.

Image Source: Ancora

In the recent years, there has been a lot of talk about how Surrey is growing rapidly, and will soon have a larger population than the City of Vancouver!

According to recent statistics, the largest city in British Columbia is still Vancouver with approximately 672,963 followed by Surrey with 569,065 who is just ahead of Burnaby at 248,476. Surrey is also projected to introduce over 185,000 new jobs, and 400,00 new residents, along with their neighbour, Langley. 

Here's some reasons why Surrey is going to surpass Vancouver as the largest city in BC, and why you should (maybe) move there:

Skytrain Extension

Translink's new Surrey-Langley Skytrain Project (An extension of the Expo Line) stretches a total of 16km. The line is set to extend from Surrey's King George Station along the Fraser Highway and ending on 203 Street in Langley. 

With the new skytrain extension, it'll significantly reduce commute times for residents of Surrey & Langley, making those cities much more desirable places to live! 

Image Source: Translink

Major Residential Development

Surrey is undergoing major development in terms of residential buildings. From townhomes to sky-high condos, there's tons of new homes being built. Some current pre-sales include: Centra, The Holland, One Central, Townsend, and more! 

Image Source: VancouverPresales.com

Family Friendly

The Surrey School District has the largest student enrolment in BC, and is continuing to grow. It currently has 101 elementary schools, 20 secondary schools, 4 learning centres, and 3 adult education centres. Simon Fraser University (SFU) also has a Surrey campus, located right near Surrey Central Skytrain station.

Image Source: Surrey Schools

What do you think about Surrey? Would you make the move there? Let us know!

Resources:

https://surreylangleyskytrain.ca/

https://dailyhive.com/vancouver/georgetown-surrey-bc-largest-city

https://vancouverpresales.com/property-location/surrey/

https://www.surreyschools.ca/K-12Schools/AlphabeticalSchoolList/Pages/default.aspx