Your Premier Condo Assignment Sale Directory in Toronto & GTA

Condo Assignment is a transaction for changing the right of ownership of a Pre-Construction Condo Unit. The subject right of ownership has been purchased from the Builder by the initial buyer. So literally this transaction would “Assign” the New Buyer as the Owner of the subject unit.

the Assignor is the one who has the right to “sell” the Agreement of Purchase and Sale and the Assignee is the one who is purchasing the Assignor’s interest in the Agreement of Purchase and Sale  

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If you are the lucky person who could successfully manage to purchase a pre-construction unit, you cannot just sell it any time after signing the contract with the Builder of the condo project. There are restrictions that apply as per Builder’s criteria before they let you sell the unit. Some Builder’s criteria could be:

Typically the Sold Out Unit Ratio (Number of Sold Units/ Total number of the Units) shall be around 50% -90% depending on the Builder and/or the project. Permission to assign by the Builder. Builders in nature would not like you to assign the unit to any other person. Some Builders would give you permission at the time of signing the initial contract as a motivational selling material and they may mention a fee for it if the assignment transaction happens later on. If you have not obtained that permission, we might be able to get it for you. Permission to advertise on the MLS system. Again, Builders do not like to see any units to be shown up on the MLS system. They would like to control the selling price of the remaining units in the building and possibly the other phases of the same complex.

By law. HST is applicable on all brand new properties. For simplifying the transaction, the Builders prefer to include the HST in the purchase price. In case you do not move in the subject Unit, you may need to pay HST to the government. Consulting with a lawyer is recommended.