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What is Assignment?

It is a sales contract entered into by two parties at an earlier date. It is essentially a transfer of the right to purchase that property from the original purchaser to a new purchaser prior to the final closing date of a condo unit. Assignments of sale are very common during the construction stage of new developments by allowing the original purchaser to resell their unit before the sale is completed for the property. Since units in pre-construction are purchased often 3-5 years prior to occupancy, sellers often choose to assign their units before they occupy as their lives may take on a different path.

Buying An Assignment
The process of purchasing an assignment is quite different from typical resale real estate transaction as you are purchasing a contract from the original owner of that contract and assuming all of their rights and obligations. Here is an example of how an Assignment works:

Original Purchase Price on the Agreement of Purchase and Sale with the builder: $300,000
20% deposit paid to the builder before occupancy date
New Purchase Price: $350,000

Cash that the new purchaser has to prepare: $60,000 (20% deposit paid to the builder already) + $50,000 price difference = $110,000 - This amount is paid to the original purchaser of the Agreement of Purchase and Sale by the new purchaser.

Once the assignment fee is paid to the builder and assignment consent is given by the builder, the new owner is obligated to pay the original purchase price of the property as per the terms of the original Agreement of Purchase and Sale to the developer.

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