CONDO ASSIGNMENTS FOR SALE
DEFINITION
An assignment (i.e. purchase) of the right to purchase a property. Specifically, it can be the transfer of a contract to purchase, before occupancy. After occupancy, the property can be sold and is classified as a 'resale'.
An assignment (i.e. purchase) of the right to purchase a property. Specifically, it can be the transfer of a contract to purchase, before occupancy. After occupancy, the property can be sold and is classified as a 'resale'.
WHY ASSIGN AND NOT SELL?
The City has not given the permission for Occupancy yet. It cannot be a sold using conventional methods.
The City has not given the permission for Occupancy yet. It cannot be a sold using conventional methods.
EXAMPLE
A Buyer just bought a new Condo. The Builder has given the Buyer the RIGHT TO ASSIGN the unit (sell the agreement) to another Buyer. This may happen for various reasons:
- Buyer must sell
- Buyer wishes to take out equity
- Property appreciated and Buyer wishes to re-invest appreciation
- Market outlook looks bad
Many have taken advantage of the 'good times' and have been 'flipping condos' for investment purposes. Many clients have bought over and over only to be MORTGAGE FREE today.
It is an art to flip condos before they are built. This form of investment is not for the faint-of-heart. You need a knowledgeable real estate agent with financing capabilities to get into the game.
You are advised as to the builders, their success and mentality, the areas, why some are good buys and why others are not...
CONDO MARKET OUTLOOK - INDICATORS
- They do not wish to travel hours to work
- They are usually single or maybe couples
- Many buyers are retired and love the downtown living
TIPS & TRICKS
- Not all Builders allow assignment sales. Find out if the builder allows for assignment sales before you purchase. Find out if they are giving a discount
- You may sell your unit at a higher price! Consult with a New Condo Specialist, like our team, for accurate pricing
- The Assignment Fee can be negotiated and passed to the Buyer! Work with A Tough Negotiator
- List your property with a Condo Assignment site, where your unit's visibility is GUARANTEED
- Buy Your units early to save on Assignment Fees and to Maximize Your Benefit
Let's start investing smart!
Stay tuned for assignments available in your desired area :)
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