Wondering what the daily expanding term “Condo Assignment” is all about? In a few minutes, you will see what has caught the eyes of Condo Assignment Buyers In Toronto and High-Profit Investment Seekers. It opens up a door to an opportunity you never know it exists which can make you be successful down the road.
What Is A Condo Assignment?
Condo Assignment is a type of real estate transaction. In this transaction, a motivated Condo Buyer would purchase a SOLD OUT condo unit in a pre-construction building. That Condo unit is unavailable for sale in today’s real estate market. A Condo Assignment is a fantastic OPPORTUNITY that exists for lucky potential buyers/Investors.
The Condo Assignment Process:
Here is the common Condo Assignment process:
1- The First step is finding an Active Condo Assignment Unit which is matching the criteria of the buyers.
Finding an available Condo Assignment Unit is not easy. There are several ways to search for the desired unit.
As a Buyer, you have several specific requirements such as:
- Desired Location
- Gross floor area of the Unit
- Number of Bedrooms and Washrooms
- The floor level of the Unit
- The Exposure of the Unit (looking south, east, …)
- Number of Parking and Lockers
- Amenities in the Building
- Amenities and Entertainment close to the Building
2-The Second step is putting an offer as an Agreement of Purchase and Sale.
Now that you have found your desired unit, it is time to put in an offer.
An Offer is a form of an Agreement which would be proposed to the Seller. This Agreement includes a lot of information such as:
- Buyer (Assignee) information
- Seller (Assignor) information
- Purchase price
- Property information
- Condo Assignment essential clauses
It is necessary to include a condition clause for reviewing the Offer by Lawyers. The Lawyers will review all aspects of the transaction.
When the Building is registered with the Municipality, it is time for the Builder to inform you about the date of transferring the ownership title (Closing Day). They would urge you to go and get the mortgage and final paperwork by your Lawyers.
Typically, the Builder gives out this notice about 3-4 weeks ahead of time.
Condo Assignment has become very popular especially in the fast-growing cities like Toronto, Vancouver, Calgary, and Montreal.
Condo Assignment is beneficial to:
- Buyers who are searching for their desired brand new Condo Unit in a building of their choice
- Sellers who need to get their deposit back from the builder (as per the change of their lifestyle)
- Investors who want to do a real estate business for a profit
The knowledge about the Definitions and Process in Condo Assignment transaction is very important so you can avoid common mistakes as it opens up the bright and clear path towards your goals.
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