Assignments for Sale
Toronto Assignments for Sale
We are the condominium experts in Toronto: assignments for sale, pre-construction investments, condominium resales, and rental management. Assignments are scenarios in which the owner of a condo purchased or secured prior to construction assigns, or sells, the purchase agreement for that condo. The seller is called the Assignor and the buyer is called the Assignee. The Assignee basically “steps into the shoes” of the Assignor as the purchase proceeds from construction to occupancy to ownership.
This is different from reselling: the Assignor never actually takes ownership of the property, rather he has entered into an Agreement to Buy. The assignor, to look at it another way, sells the contractual relationship with the builder/developer. In a resale, the seller actually owns the property and may or may not have already occupied it or rented it out prior to the sale. There are pros and cons to both approaches as a technique for flipping (buying, holding, and reselling) properties. There are also pros and cons to buying an assignment versus buying a condo via resale.
The process of assignment has a relatively short history in North America compared to Europe. Even in Toronto, the Condo Capital of North America, the process of assigning a condo is not adequately understood by many, perhaps the majority of real estate brokers. We specialize in condos and every aspect and approach to condominium investment. You need an expert by your side to navigate the tricky waters of buying a condo, and—as a scrupulous lawyer will readily tell you—not just a lawyer.