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Rashid Notash, Broker

416-500-5360 | [email protected]

The Condo Assignment Process: Everything You Should Know

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September 15, 2018 | Selling

Condo assignment sales are different from typical pre-construction transactions. Whether you’re on the buyer or seller side, the condo assignment process is unique—which is why you should take the time to learn about the costs, timelines, and other specifics involved.

If you’re thinking about buying or selling a condo on assignment, here’s what you should know…

What is a condo assignment sale.

An assignment sale occurs when a pre-construction condo buyer decides to sell before closing. Since they don’t technically own their unit (which may not be completed yet), what they’re really selling is their purchase agreement with the builder.

The concept sounds simple. However, there are some ins and outs that both sellers and buyers should know to ensure that their transaction is legally above board—and in their best interests.

Seller FAQs

Thinking of selling your pre-construction condo on assignment? Here are some answers to the most commonly asked questions sellers have about the process.

Should I sell my condo on assignment?

Pre-construction buyers often sell condos on assignment as part of an investment strategy. That said, there are other instances where going this route makes sense.

Maybe your lifestyle has changed, and the unit you were excited about a year ago is no longer ideal. Perhaps you’re facing some financial challenges, and you need some cash in the short term. Whatever your circumstances, a real estate agent with condo expertise can help you decide if selling on assignment is right for you.

What are the tax implications of selling on assignment?

While there’s nothing wrong with assignment sales, some Canadian investors have gotten themselves in hot water for making them without paying taxes on their profits. Regulators have been cracking down on these transactions, which is why knowing your taxation responsibilities is crucial.

The bottom line? If you’re making an assignment sale, it’s best to speak with a financial expert before moving forward.

Does the builder need to be involved?

Your Agreement of Purchase and Sale will specify whether selling your condo on assignment is permitted. Either way, you should obtain consent beforehand. There’s a very good chance that builder approval of an assignment sale is a condition in your contract—so read it carefully.

How much will it cost to sell on assignment?

If the builder signs off on your sale, you’ll probably still have to pay a fee. This sum could range from a few hundred dollars to several thousand, and in some instances it is waived by the developer. You should also be aware that, along with the regular costs associated with selling, your legal fees may be higher than they would be for a simpler transaction.

Will I get my deposit back?

A purchaser who is buying on assignment (also known as an “assignee”) usually pays the assignor their full deposit. As part of a typical deal, you should receive the amount you’ve paid to date, sometimes along with your profit, on closing day.

How can I find a buyer?

Be aware that there are marketing restrictions placed on most assignment sales. While it depends on the terms of your agreement with the builder, you probably won’t be able to post on the MLS or online.

If you market your assignment in violation of your contract, the builder may be able to cancel your agreement—and hold onto your deposit. For this reason, working with an agent who knows the local condo market is your best bet for finding a buyer.

Are you thinking of purchasing a pre-construction condo on assignment? Read answers to some of the most common questions buyers have first.

When is buying a condo on assignment a good idea?

If you’re excited about a particular condo development that has no remaining inventory, buying on assignment could be your way into the building. In many cases, the price for a unit is lower when it’s sold this way than it would be if it were on the market as a resale unit.

On the flip side, assignment sales tend to be more complicated than traditional condo transactions. They often entail costs, risks, and legal minutiae that aren’t part of conventional resale and pre-construction purchases.

An agent with condo market expertise can help you weigh the pros and cons of including assignment sales in your condo search.

Can I renegotiate the terms of the agreement in place?

No. When you buy a condo on assignment, you’ll be expected to fulfill the terms and conditions that the original buyer agreed to (and take on any potential risks associated with them). For this reason, it’s very important that you protect your interests by working with an experienced real estate lawyer.

Fortunately, you may be able to negotiate with the seller (or “assignor”) regarding the specifics of your purchase with them. Assignors are often in the midst of a life transition, and they may be eager to make a deal and move on.

Which costs will I pay?

Along with the sum you’ve agreed to, you will almost certainly be expected to pay the assignor the amount they’ve put towards their deposit to date. Unless your contract specifies otherwise, you will be responsible for final closing costs including (but not limited to) land transfer taxes, development fees, Tarion fees, and HST if applicable.

As part of the assignor’s original agreement, development charges may be capped. If this is the case, you could wind up spending significantly less money—so it’s worth looking into.

How will closing work?

Closing on an assignment sale can be complicated for the assignee. You’ll have to go through the process twice: once when your deal is finalized with the assignor, and again when you close with the builder. During the first closing, you’ll pay the assignor their deposit and sometimes the profit. The profit portion could be renegotiated and paid on the second closing. During the second, you’ll pay the developer the remainder of what’s owed.

Don’t forget about the occupancy period! Once your unit is fit to be occupied, you will pay a sum that’s approximately equal to your monthly mortgage payments and condo fees until the building is registered.

What else should I know?

In addition to understanding the assignment process, you should be aware of the pros and cons that go along with buying a pre-construction condo. Your purchase will come with certain risks that the original buyer was willing to take on—such as delays to closing. On the flip side, there’s nothing quite like moving into a beautiful, brand new condo.

When handled correctly, condo assignment sales can be beneficial to buyers, sellers, and developers. Just remember that understanding the process is the key to success—which is why working with the right real estate and legal professionals is so important!

Interested in buying or selling a pre-construction condo? Let’s discuss it! Call or shoot me a text at 416-500-5360, or email me at [email protected].

Everything About an Assignment in Real Estate

An assignment sale in the pre-construction condo market, the schema of an assignment process: a glance, why do assignment sales take place for condos, advantages of buying a condo on assignment sales, 1. you can buy a brand-new condo at a low purchase price, 2. inherent equity for the condo, 3. availing agreement perks, the non-negotiable aspects of assignment sales for a condo, the tax implications of assignment sales, builder approval to accredit an assignment, marketing restrictions followed by an assignment sales, how to find a buyer with a no-marketing policy, what goes behind the closing of an assignment, buying a condo unit on assignment sale tips, 1. give importance to the closing date, 2. mortgage approval, 3. closing costs, 4. hire a professional real estate broker, 5. can you make the down payment, get the condo “flipping”.

Last modified: 2024-09-04

The Definitive Guide to Buying Condos on Assignment

The housing market stands as a dominant force within the economy. Those situated in Toronto will likely have encountered the phrase "Assignment Sale," given its notable expansion throughout the city. Yet, it diverges somewhat from a standard property deal.

If you are seeking to crack the code of buying condos on assignment sale at any place, there is a legion of intricacies you need to know before heading forward.

This article will walk you through their gravity in the present day and all the specifics you should know before navigating into an assignment sale.

This lies before the assignor takes over, or “closes” the property. It is the assignee who ultimately seals the deal. To describe it in simple words, an assignor auctions their interest in a property (a building) to the assignee in advance of taking possession of the estate.

An assignor does not “sell” a property naturally, because they do not own it yet. Rather, they comply with the promise made to the builder to buy it. This is along with their obligations and claims of the Agreement of Purchase and Sale contract, by selling it to the assignee.

The bottom line is that the assignee essentially steps into the shoes of the assignor in this role-reversal of an endowment. In Toronto, property assignments are far more prevalent in pre-construction condos.

An assignment sale in the sphere of the condo market refers to the “assignment” of a contract to take over a pre-construction unit wing. Additionally, it implies that no individual can attain authority over the title of the condo since the building has not been registered yet.

It is lawful to offer the contract to another buyer. Subsequently, after the building is registered, the assignor can sell the condo, together with the title. Such sales are extremely common amid the construction stage of new developments.

Umpteen real estate connoisseurs believe in buying condo units on assignment sales. In some cases, builders don’t permit buyers to foster contracts to an assignee.

Occasionally, they only do so after being paid an amount of assignment fee, which can hike as steep as $7000. Therefore, builder approval to offer a contract is an innate prerequisite.

As mentioned earlier, after you invest in a pre-construction condo , you will receive an assignment clause akin to a contract. You can then choose to sell the condos even before the completion of its building. Flip through the following points to attain lucidity over an assignment process:

• An assignee does not buy a property from an assignor. Rather, they will buy the “right” to procure the condos from a third-party source, the builder.
• The assignee entrusts its perks and rights within the original contract with the builder, who is the original seller.
• Along the assignment process, the original person who bought the property must sign an Agreement of Purchase and Sale [ 1 ]. This enlists an Assignment Agreement Clause, designating the right to offer the contract under a few conditions.
• An assignee concedes to meet all of the assignor’s obligations under the original purchase.

Usually, with pre-construction unit sales, there lies a long hand-back between the duration wherein a buyer can occupy the condo and the assignment closing date. It is fairly anticipated that buyers’ circumstances to modify over time.

It can be anything; a transferable job, a change of heart, marriage, a new set of responsibilities to cater to, etc. In essence, what fashioned for a person five years back, doesn't always work within sight of the final closing date.

Another common reason why purchasers seek to indulge in a condo assignment sale depends on the original purchaser’s financial footing. Perhaps the buyer does not have sufficient funds in hand to wrap the sale up and make it to the closing date of the building. Moreover, it’s rather cheaper to offer the contract to an assignee, than it is to cop out on a builder!

Lastly, assignment sales are also mutual to individuals who are simply reckoning to “flip” a pre-construction condo unit. These speculative investors carry no intention of reaching the final closing date.

Some buyers maneuver profit by “flipping” pre-construction condos for occupancy. Additionally, this is another strategy to avoid paying for closing expenses and incur capital benefit over their original purchase.

An assignment purchase can accord you some of the greatest deals in the province of real estate. But many purchasers miscalculate all the ins and outs of it when it comes to purchase and sale.

Let us examine a few reasons why assignment sale agreements for condos have the upper hand in the realm of the purchase and sale contract:

By buying a state-of-the-art condo on assignment sales, you’re likely to purchase a product that has been off the market for quite some time. After a significant duration of time, the price of a condo unit per square foot abates when set against today’s pre-construction price.

Therefore, you can acquire a new condo at a fairly reasonable price, which is just a vaporous thought in today’s market! So, why give any extra money?

One of the key reasons why it is worthwhile to purchase a condo on assignment lies in its ability to construct equity during the building process. This means that when a purchaser is selling a condo unit before its closing date, he/she typically leaves a portion of the equity that the condominium has churned out for you to inherit.

Toronto's assignment market has always remained powerful, with even pre-construction condos generating remarkable equity every year.

Post the assignment transaction, purchasers are eligible to avail of the Tarion warranty program, which offers years of warranty against errors and defects with your condo unit. Also, this program will cover all your warranties for newly installed appliances.

Additionally, you will redeem several VIP incentives like upgrades, credits, and capped developing charges from the builder.

Since assignees take charge of an original purchaser’s contract, they are not given the liberty to renegotiate the price of the condo, along with the terms and conditions embodied in the agreement of purchase with the builder.

They simply receive the contract as it exists.

These assignees have to replicate the deposits that assignors make to the builder.

Therefore, in place of a 30% payment made by the assignor, the assignees usually mirror the same.

First and foremost, the only reliable source to attain solid tax advice in Toronto comes from a certified accountant or lawyer.

After the registration and the final closing date of your condo unit, you’ll be solely liable for all kinds of closing costs. Some developments even include the education and development price, Tarion legal fees, and HST on appliances.

Generally, incurring any profit from an assignment obligates you to give money as a form of tax.

Additionally, losses can be written off, too. The assignees will be held accountable for paying the land transfer tax or any due HST.

The following payments are not financed in addition to a mortgage. Therefore, these are to be paid by an assignee:

• Land transfer tax
• Municipal levies
• HST/GST rebate
• Legal fees and disbursements

A builder's price within the Agreement of Purchase relies on an "assumption." According to this assumption, the buyer is using the pre-construction condo as a Primary Residence after the purchase.

Therefore, as a buyer, you qualify for a hold of the HST Rebate that later goes to the builder.

Due to this assumption, the assignee is under an obligation to assign back their entitlement of the HST Rebate to the builder.

This way, the builder acquires most of the HST rebate from the government, and you do not need to offer any money in addition to your sale price.

This assignment of the HST payment tax is incurred at the time of the final closing. By assigning it, the purchase price of the condo remains, as stated in the Agreement of Purchase.

The huge legal document signed during the purchase of a pre-construction condo is your holy grail during the assignment process.

The condo on assignment clause stipulates the assignor’s right to assign the contract of the building. While a majority of builders authorize assignments, there’s a legal fee that needs to be paid to them. In some cases, other implications might accompany the legal fee payment.

Most of the condo on assignment sales agreements from Toronto builders do not permit the endorsement of an assignment. While the builder may offer you the rights to sell your contract, they prohibit you from posting the sale to the MLS. This makes the selling process extremely taxing.

Your submission to the land transfer agenda requires you to maintain caution to avoid legal issues and unnecessary interaction with lawyers. This means that it is imperative to steer clear from flouting the no-marketing rules.

A builder can cancel the buying contract and confiscate the deposits if purchasers are culpable of breaching the legal agreement rules.

Do not sweat on it! There are professional realtors for property sales who boast a database of potential assignees. Therefore, the easiest option to sell the assignment is to hire an expert realtor who knows the ins and outs of assignment sales.

There are two closings with pre-construction assignment sales. One lies between the assignor and the assignee. The other lies between the assignee and the builder for the occupancy.

With the former closing date, the assignor collects their deposit and additional profit from the assignee. With the latter, the assignee must give the remaining price to the builder (generally, with the assistance of a mortgage).

The land transfer taxes are to be paid as well. This is when the title of the condo shifts from the owner to the assignee.

There’s another closing of assignment sales after the buyer holds possession of the condo unit, but doesn’t own it yet. This is the interim occupancy period. Here, interim occupancy occurs when the condo is equipped for occupancy but not prepared for registration.

In Toronto, the time of an interim occupancy period varies from a few months to years. During this occupancy period, the buyer takes over the unit and has to take care of the combined price of the mortgage, taxes, and the condo [ 2 ].

Are you planning to buy a condo on assignment sale? Here’s what you need to consider before making the purchase:

Before opting for a condo on assignment sales, you must study the following dates:

• Assignment closing date: When the assignment sale transaction is complete with the original buyer.
• Occupancy closing date: The initial closing date after the buyer receives the condo unit’s key from the developer.
• Final closing date: The title and contract of the property will be transferred to the buyer.
• Closing costs dates: When the assignee will pay the selling price to the developer.

For the developer (the builder) to support the transaction, you have to air evidence of sufficient funds to testify your capability of buying the pre-construction condo. You can seek aid from an expert lawyer or consultant who can stock a decent mortgage registration for you.

The price eligible for a mortgage is at par with the selling price minus the down payment paid to the developer (the builder).

When you buy condo unit assignments, you are held accountable for all closing costs after the building is registered. These costs state the registration of your mortgage for occupancy of the condo. Therefore, look into the registration activity of the building closely.

Using a seasoned broker for buying a condo, who is familiar with assignment sales, enables your transaction to proceed smoothly. Similar is the case with your property lawyer or mortgage broker. Assignments involve a lot of complicated paperwork when set against a typical real estate transaction.

You will find various experienced and registered agents and lawyers in Toronto to help you.

Obtaining condo units on assignment contracts involves a substantial amount of investment. This is because of the following reasons:

• You are liable for 20% of the down payment that is paid by your seller to the builder.
• You have to pay the difference capital between the current asking price, or the new selling rate of the condo, and its original value.

Assignments sales are a tried-and-tested strategy in Toronto. For land investors who know the right ways to pursue this business with fitting acquisition strategies, it’s a significantly low-risk and lucrative method to build serious wealth in real estate.

Today, assignment transactions are gaining massive popularity amongst sellers across Canada. Even sellers have been reaping plenty of rewards by maximizing their profits and saving time. Most developers allow assignment transactions, followed by certain rules.

Even with the strictest precedents, buyers and sellers have boundless options to achieve monumental profit while plunging into assignment sales for condo buildings!

See  Precondo for more information on pre-construction condo properties for sale.

References:

• https://smallbusiness.chron.com/purchase-sales-agreement-3206.html
• https://www.ratehub.ca/blog/what-is-interim-occupancy/

Get in touch with Jordon here ​.

2 Comments.

Hello. Very nice explanation about assignment and closing date. I have a question if you are able to answer, please. By law, do I owe the condo when I sign the assignment contract or I only owe it after the closing date? Thank you in advance

sorry I meant to say own not owe. When does the condo become my property (my asset), when I sign the assignment contract or only after the closing date? Thanks and sorry

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Condo Assignment - A Guide for Buyers & Sellers

What are assignments all about?

As a purchaser, you will usually wait a couple of years after signing an Agreement of Purchase and Sale (APS) for a condo in the pre-construction phase before actually moving in and taking possession of the unit. Typically, a realtor that specializes in pre-construction will ensure that an ‘assignment clause’ is drafted into your contract, giving you various options closer to the completion date. Why? Your situation may change – nobody knows what will happen between the time you sign the contract and when the building is ready for occupancy. Life happens. The assignment clause allows the original purchaser(s) to sell (assign) the Agreement of Purchase and Sale (contract) and all of its legal rights to a potential buyer. In the assignment world, selling is called assigning, the buyer is the assignee and the seller is the assignor. Assignments can get a little overwhelming for both assignees and assignors, but with the right lawyer/realtor combo, the transaction is a breeze. Let’s dive a little deeper into how you can assign your newly purchased condo unit below.

Who can assign?

Only the purchasers who’s names are listed on the original APS and have a legally valid assignment clause drafted into the agreement have the right to assign their suite. Unfortunately, those purchasers who did not request that the right to assign be written into the agreement at the time of purchase will not be able to get the builder’s approval to assign. Often times, builder consent must be granted before you are able to begin advertising your assignment sale. In order to obtain consent, the developer may have certain criteria that has to be met:

• a percentage of the building has to be sold firm (typically 80% plus) - at this point, the builder has most likely received their construction financing and you are not competing with the sales of their remaining inventory;
• a predefined portion of your deposits must have cleared (for example 3/4 (15%) of an agreed 20% deposit) - we have also seen builders request that any remaining deposits be paid in full and some even ask for futher deposits;
• the builder’s lawyer must grant you approval;

The criteria may vary per developer, but the above is what you should generally expect if you plan on assigning your unit. Make sure that you are aware of your rights and obligations, before committing to an agreement.

How do you assign?

Once you are ready and the builder gives you the go ahead, you can begin advertising your unit. Keep in mind that builders usually do not permit listing the suite on MLS since as a pre-construction purchaser, you do not have title to the unit until final closing. Also, a lot of MLS boards do not allow a property to be listed on the service if the property cannot be physically shown. The best way to gain the most exposure for your listing as an assignor is to contact a realtor who specializes in pre-construction condos. Pre-construction experts have access to different Realtor networks that focus on marketing exclusive "off-market" properties, such as assignments. At inCondo, we also have a dedicated section for our assignment listings . Most developments sell out of inventory quickly upon launch and a lot of buyers are not willing to wait a couple of years to take possession of their investment. These two factors set the stage for the condominium assignment market. Pre-construction professionals have a database of buyers who prefer to purchase a brand-new, never-lived-in unit and since there is most likely no remaining inventory available from the builder, they take to assignment sales.

What are the costs associated with assigning?

The fees associated with assigning your unit vary per developer and can depend on the incentives available at the time of signing the original APS. Builders may charge a fee if you decide to assign your unit – anywhere from free to $5,000+, in order to cover lawyer and administration fees on their end. The assignment transaction between assignor and assignee is separate from the original transaction with the developer. A commission should be paid to the Realtor that brings a client (assignee) and your listing Realtor will charge a marketing fee as well. Commissions are always negotiable. The only recommendation we can make here is to use the services of an agent that understands condo assignments and deals with pre-construction condos. Another fee you will encounter is your lawyer fee. Although assignments are increasing in popularity, most real estate lawyers do not work on assignments and it can be tricky to find an expert. David Feld & Sonia Kalia’s office ( wearelaw.ca ) is an excellent resource for legal assistance with regards to your assignment sale. When you find an assignee and accept an offer, or vice versa, always have your Assignment Agreement of Purchase and Sale reviewed by a lawyer to avoid complications upon closing and title transfer. Fees typically range from $2,000 - $2,500 since there are more contractual elements to inspect (including the original APS) compared to re-sale.

What should I expect while looking for an assignment?

As the assignee in an assignment sale transaction, we highly recommend that you fully read through the original APS with your lawyer to ensure a smooth transfer process. Keep in mind that you will be bound to the terms and conditions set out in the original contract – all of the risks, but also the rewards are passed on. Some of the liabilities include paying HST upon closing (unless you purchase for personal use), disbursing Land Transfer Tax (though first-time home buyers qualify for a rebate), providing the assignor with their deposits paid to date (potentially profits vs. original purchase price as well), and development/educational levy costs (these may be capped in the assignors original APS). You would usually encounter these same liabilities if you were to purchase the unit at the pre-construction phase years prior regardless, but at the assignment stage, there is little to no room for negotiation – all of the original contractual obligations transfer to the assignee. However, there are plenty benefits to purchasing an assignment sale, which include: selecting colours, upgrades and finishes (an assignee would have this opportunity if the purchase occurs approximately 1 year prior to construction completion), enrollment in the Tarion Warranty Program (legislated by the provincial government to protect the buyers of new construction), as well as access to brand new units located in the most desired areas and not available on the re-sale market, while eliminating the threat of other contesting buyers.

Overall, assignment sales are extremely intricate transactions which require your Realtor and lawyer to carry the utmost professionalism and expertise but can be very lucrative for both assignees and assignors. If you are currently searching for an assignment, would like to explore assignment opportunities, or have any questions, we are always happy to help!

Explore Current Assignments

1 thoughts on "Condo Assignment - A Guide for Buyers & Sellers"

Really liked how you explained it all. Very well-articulated!

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6 Tips to Consider When Buying New Condos on Assignment Sales

As far as new condos for sale in Toronto  are concerned, purchasing a pre-construction unit is quite common. Sometimes, it also consists of entering into a contract for assignment sales. Before we discuss how to handle such transactions, let us understand the meaning.

What is an Assignment Sale?

An assignment sale refers to the sale of a contract stating the purchase of a pre-construction condominium unit. It indicates that since the building has not been registered, no one can take or transfer the title of the condo. However, you can sell the contract. Once the builder registers the building, you could sell the property and along with the title.

The assignment clause of the contract comes in handy when you have purchased a new pre-construction condo but have to sell it before the completion of construction due to reasons such as relocation. It protects you from accruing any financial penalty.

Tips to Make Buying a New Condo on Assignment Sales Easier

• Assignment closing date - when your assignment sale transaction with the original home buyer is completed.
• Occupancy closing date - the first closing date when the buyer gets the condo’s key from the builder.
• Final closing date - is when the title of the property will transfer to the buyer’s name.
• An assignment closing date when purchasing a new unit is usually before or after the Occupancy Closing date.
• It is Not Like Purchasing A Resale Condo Buying an assignment sale unit lets you acquire the title from the original customer. It does not refer to buying the condo itself. You will get the ownership of the unit only after the Final Closing Date which is why it is not like a resale purchase.
• You will be responsible for the 20% down payment paid by the original purchaser to the builder.
• You will also have to pay the difference amount between the current asking price or the new purchase rate of the condo and its original value.
• Consent of the Builder is Essential The builder’s approval is required to complete the transaction of assignment sales. In some instances, they may not agree if the date of assignment sale is around the final closing date. This is because the builder would want to make sure that there are no confusions as to the final name on the contract.
• Mortgage Approval For the builder to approve the transaction, you must provide Proof of Sufficient Funds to indicate that you can afford the purchase. The amount eligible for a mortgage is equal to the original purchase price less the down payment paid to the builder.
• Do Not Be in a Hurry Since purchasing a new condo requires a substantial amount of investment, it is essential that you consider all the aspects before entering into a sales contract.

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If you are looking for a new Toronto condo for sale, get in touch with our sales team by calling 647-360-9588 or register online to view our floor plans .

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What you need to know about buying an assignment condo

An assignment sale isn’t a typical real estate transaction and there are many important factors you need to know before buying an assignment condo. Regardless of the market conditions, assignment condos are usually difficult to sell, in part because they have much higher upfront requirements than regular sales. For the same reason, it presents a great opportunity for a buyer to purchase without facing overwhelming competition. Below is what you need to know about buying an assignment condo.

What is an assignment sale?

An assignment sale is a transaction in which a buyer (the “Assignor”) has purchased a property and then sells their interest in that property to another buyer (the “Assignee”) prior to the property closing. Essentially, the Assignor is not actually selling the property; they are selling their contract along with the rights and obligations of the original agreement with the Builder or original seller. While it is possible to have an assignment sale of a pre-construction house or a resale property, assignment sales in Toronto are most common in pre-construction condos.

The assignor is the original buyer of the condo unit in the pre-construction phase. In an assignment sale, the assignor is the seller.

The assignee is the buyer of the assignment condo and takes over all rights and responsibilities of the original contract.

Cons of buying an assignment condo

• You, as the buyer (assignee), require a substantial amount of cash in order to buy an assignment condo. Typically in the range of 30% to 40% of the purchase price, see the cost breakdown below for details.
• You may be approved for a mortgage when you make the purchase of an assignment condo, but the transaction closes much later. While you can occupy your unit prior to the final closing in the interim occupancy phase, you only get your final mortgage approval at the final closing. The interim occupancy phase may last for many months and requires you to pay the interim occupancy fee ( Tarion provides a great explanation on interim occupancy ). If your financial circumstances change in this period you could have a hard time getting a mortgage.
• Usually, there is only one assignment sale permitted. So you cannot resell the condo until the final closing and registration of the building.

Pros of buying an assignment condo

• You can buy a brand-new condo without having to wait many years for it to complete.
• There is usually a good amount of inventory to choose from and you can get a better price than comparable resale properties. This is especially important if the market is super hot, as there is less competition.
• You don’t have to worry about a project being canceled, leaving you out to dry. Once assignments are allowed by the builder, the building is usually already well underway.

Looking to buy an assignment condo?

Get in touch for a free NO OBLIGATION consultation and see why others have put their trust in me . Don’t like forms? Call or text me at 647-830-5210 or email me at [email protected].

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Costs Breakdown

Payment terms vary from one agreement to the next but the chart below will give you some insight.

Assignments and renting

If you are buying an assignment condo in order to rent it out be sure to mention that to your lawyer. The builder’s contract may have very specific conditions concerning when and if you can rent the unit out during the interim occupancy period. Also, the builder may not qualify for a portion of the HST rebate if you’re an investor. However, subject to certain limitations the assignee may qualify for an HST rebate after closing. To get exact details on this I would strongly recommend speaking to a lawyer and an accountant before you start searching for assignment condos.

All assignment sales should be conditional upon your lawyer reviewing the entire assignment agreement. Part of that will be all of the contents and disclosures of the original agreement of purchase and sale between the Assignor and the builder.

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Condo Assignments Explained

By Condo Culture

__What is an assignment sale? __

In preconstruction, a condo unit isn't owned by its purchaser until all units in the condo development have been completed and the building has been registered. Only a purchaser’s legal rights and obligations outlined in the Agreement of Purchase and Sale (APS) can be sold prior to the building's completion. This is referred to as an assignment sale. The seller of this contract is the assignor and the purchaser, the assignee.

__Why Do Assignment Sales Happen? __

Preconstruction condos can take years to build. During the construction of a new condo, the circumstances of the original purchasers can change and they may no longer be willing or able to fulfill their financial obligations. When this happens purchasers can opt to sell their purchase contract to a willing buyer.

How much do Assignment Sales Cost?

There may be a fee associated with assignments. This fee can range between $3,000-$5,000 and is to be paid by the assignor. In some situations, developers may also waive this fee.

There are also a number of other legal and real estate costs and tax implications to be considered. As assignment sales may be more complex than other real estate transactions it is important that assignors and assignees work with a team of experienced real estate, legal and accounting professionals who understand assignment sales, are able to protect the interests of all parties involved and are able to simplify the process saving both money and time.

__Who pays what and when? __

Upon acceptance of a conditional offer, a deposit will be required to make the agreement legally binding. This amount can be negotiated.

Soon after, once the conditions have been satisfied, the assignee will be required to provide another deposit. In many cases, this deposit will be the same amount that was provided to the developer when the unit was originally purchased by the assignor (i.e. 15%).

Depending on the terms of the assignment the assignee will also be responsible for paying the profit (the difference in the assignment price and the original condo purchase price) to the assignor 1. once the developer approves the process or 2. when the seller takes possession and receives a mortgage. At Condo Culture the latter is most commonly seen.

Because a mortgage cannot be obtained at the time of the assignment sale (only once the development has been completed and registered), it is important that the assignee has access to enough cash on hand to cover the assignment and all of the associated costs.

Upon purchasing the assignment contract the assignee assumes responsibility for all outstanding costs relating to the condo at closing and during occupancy.

__What is an assignment clause? __

This is a clause that must be included in the APS to allow assignors to sell their contract through an assignment. Without it, assignments will not be permitted by the developer. If this clause is not included in the original APS, a request can be made to have it added as an amendment at the time the unit is initially purchased. In some cases developers may also not allow for assignment sales.

Advertising an assignment?

Most builders in the region will not permit the advertisement of assignments on MLS or realtor.ca. Be sure to consult with your realtor, lawyer and the developer for clarification on what is legal and permissible. Condo Culture uses its website, social media and internal client database to help advertise and sell assignment listings for its clients.

Benefits of Assignments for Assignees?

• Access to a Project that may be already Sold Out - Purchasing an assignment can be a great way to get into a project that is in high demand and otherwise sold out. The first phase of Station Park for example launched and sold out late 2019. Interested purchasers can still access this project however by purchasing one of the current assignment sales available. See our featured listings for more information.
• Value Opportunity - In some scenarios, assignments may be as a result of an assignor who is motivated to sell based on changes in life circumstances. In these situations, it may be possible to negotiate and purchase an assignment at a reduced price. Assignments may also present opportunities to purchase at a lower price than eventual market values at time of building completion (ie you purchased an Assignment 6 months before building completion when market values are rising).
• Less Competition - Given that assignments are a unique product type, many purchasers and even some realtors aren't as familiar with them. This may mean less competition for these units, which can be advantageous to purchasers especially in extremely competitive real estate markets.

__Benefits of Assignments for Assignors? __

• Freedom - By selling your assignment contract, you are no longer legally obligated and binded to the terms of your APS. You also have the freedom to use or reinvest the money of the assignment as you see fit.
• Profit - Where the price of the condo unit has increased significantly since it was initially purchased the assignor may be able to sell an assignment and realize a profit. Many developers discourage using assignments solely as a strategy to profit and it is strongly advised that assignors fully understand all costs associated with an assignment before attempting to do so.
• No Closing Costs - Because the assignment is sold prior to construction completion, the assignor will not have to take out a mortgage or be responsible for any of the closing costs.

For more information on assignments in the Waterloo region, watch this video where Condo Culture Sales Representative Tim Bolton, discusses the assignment process at CIRCA 1877, one of Kitchener-Waterloo's newest and most sought after condo developments.

At Condo Culture, we are experts in all things condos, this includes condo assignment sales.

Click here to speak with a Condo Culture representative to learn more about how assignment sales work or to discuss buying or selling an assignment.

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A Comprehensive Guide To Selling Your Assignment Condo

Trying to resell your preconstruction condo before closing? This blog is for you. Assignment sales are more complicated compared to their resale counterparts, but with some guidance, the process is easy. 

An assignment sale is a sale where the original buyers of a condo or home resell their contract to another buyer before closing. The most common type of assignment is a preconstruction condo assignment. Preconstruction condo assignments are prevalent because of the time lag between purchasing the home and the move-in date. While condo assignments might be the most popular type of assignment, any real estate contract is assignable. This blog is going to discuss condo assignments since they are the most prevalent, but *most* of the details apply to assigning a home or commercial preconstruction property as well.

In the GTA, our preconstruction market is booming. Toronto alone sees around 30,000 new home completions a year. Around 70% of preconstruction purchasers are investors. The remaining 30% of buyers are end-users who plan to use the property themselves. However, many investors, and end-users, might decide to sell the property before the final closing. Since there is no title to transfer, these buyers have to assign their contract to the next buyer. 

What is a preconstruction condo assignment sale?

An assignment is when the original buyers of a preconstruction condo decide to sell their contract with the builder to another buyer before the home is complete. This differs from a regular real estate transaction because we are not buying or selling a home, rather we are buying or selling an interest in a contract to purchase a home once it’s complete. Essentially, the buyers are taking over the seller’s place in the contract with the builder. The new buyer pays the seller their deposits back, as well as any profit. In trying times, there might not be profit, and in extreme cases, the sellers might walk away from their deposits.

Assignments are like the wild-west equivalent of real estate. The buyers are called assignees, the sellers are called assignors, and there is no fixed closing date! You heard that right, the buyer purchases the contract not knowing whether it will close in 4 weeks, 6 weeks, or 8 weeks. In many cases, the buyers only have a rough estimate for the final closing of the property as well.

Every builder’s agreement of purchase and sale is different, so every assignment sale is different. You need legal and accounting advice before, during, and after an assignment sale. A real estate agent’s job in the transaction is to find a buyer, negotiate the contract, and coordinate the sale from start to finish. Your real estate agent might also connect you with accountants, and lawyers who can help make the necessary legal and tax declarations.

The Builder’s Role In Assignments:

Sellers often misinterpret their rights to assign in their purchase agreements with their builder. In the showroom, builders are quick to say their contract is assignable if you want to flip your contract before closing. However, builders can control when, how, and to whom you sell your contract.

It’s important to follow the rules set out by your builder when marketing your assignment. Deviating from the builder’s purchase contract can result in you losing your deposits!

Since all preconstruction home assignments require the builder’s consent, it’s important to prepare the file for their consent at your earliest convenience. The builder will want the same information they collected from you when you first purchased the home: full names, current address, sin, IDs (front and back), telephone number, emails, mortgage pre-approval letter,  lawyer information… they will also want the buyer to replace all your cheques. Those could be cheques for future deposits, or cheques for interim occupancy fees. It’s important to advise the buyers to prepare all of this information before submitting the file to the builder, so there is limited delay assigning the property.

How do you sell an assignment condo?

The first step to selling your assignment is to review your original purchase agreement. The builder’s purchase agreement outlines restrictions and fees associated with assignments. An experienced realtor or lawyer can also review the contract with you. Next, email your builder’s customer service account and ask for permission to advertise the property for sale.

It’s important to thoroughly understand your preconstruction agreement, because some incentives offered to you might not be transferable to the buyer. Builders often offer incentives to direct buyers to stimulate sales. However, they sometimes make these incentives non-transferable. That could mean the free design dollars, or the capped development levies might not be available to the next buyer. It’s important not to advertise incentives that aren’t transferable.

The second step is to hire a Realtor to advise you on current market conditions. Your realtor will discuss marketing options as well as help you decide on a market price. There is a strong chance the builder will prohibit MLS listings of their properties. However, many builders will allow online marketing in places like Facebook, Instagram, WhatsApp, and brokerage websites.

While Realtor.ca is the best marketing platform out there, buyers looking for assignments know to look elsewhere. Don’t worry if you cannot market on realtor.ca. One of the advantages of Sotheby’s International Realty Canada is our vast marketing platform outside of Realtor.ca

Important Dates:

The first date you need to consider is the assignment closing date. This is the date the assignee officially takes over the contract from the assignor. On average, assignment closing happens within 3-6 weeks after an offer is accepted. This is when the assignee becomes the new owner of the property, and the assignee receives some of their deposit/profit back.

The second date to consider is the interim occupancy date. When buying preconstruction condos, there is usually a period between when the unit is ready for occupancy and before the building has registered with the city. Since no title exists yet, you cannot get a mortgage. Instead, during this time, you move in and pay the builder rent until final closing. Interim occupancy can last from months to years. During interim occupancy, buyers have the chance to view the unit which could help sell the home. Interim occupancy is when most assignment sales take place.

The third date you need to know is the final closing date. This is the date that the building registers with the city and the assignee pays the builder the balance of the purchase price, land transfer taxes, closing costs etc. Sometimes, assignees will negotiate to pay some of the assignors profit on final closing date, so they can roll it into the mortgage.

What Is Negotiable During An Assignment Sale:

Since the contract with the builder is already firm and binding, there can be no changes to that contract. The buyer is merely stepping into the seller’s shoes, in exchange for their deposits and profits. The assignment contract negotiates the purchase price and the deposit structure. The purchase price will indicate how much profit (or loss) the assignor receives in the transaction.

The payment schedule of an assignment is dependent on whether there is a profit or not. If the seller is making a profit or breaking even, then the buyers are expected to refund the full deposit paid-to-date by the sellers. In many cases, that is 20% of the original purchase price. If the seller is losing money on the assignment, then the buyers will bring a deposit for less than the deposits already paid to the seller. The deposit is due upon acceptance of the offer.

If there is profit, the assignee and assignor will negotiate when that profit is paid out. Remember when we mentioned the three important dates? the assignment closing, the interim occupancy date, and the final closing date? well, when it comes to negotiating when to pay the assignor their profit, we usually pick one of these dates to pay out the assignor’s profit.

The expected final closing is an important consideration for buyers when negotiating when to pay the assignor’s profit. The longer the final closing date, the more risk for the buyer. The reason? there is always a small risk the condo developer cancels the project. If a condo developer cancels the project, the buyers are returned their deposits paid-to-date. However, if a buyer has paid an assignor $100,000 in profit, that money is gone. So if there is a long closing, expect buyers to protect their final deposits by delaying it till interim occupancy, or final closing.

Conditions In Assignment Sales

After finding a buyer, the first hurdle to overcome is negotiating a fair deal. Once both parties are satisfied with the terms of the contract, we make the deal conditional on the lawyer’s review. This gives both the buyer and seller a chance to have the assignment contract, as well as the original purchase agreement, reviewed by a lawyer. Once both parties have spoken to their lawyers and are happy to continue, we put the deal to the developer to approve the new buyer. This condition usually lasts around 30 days. If the developer does not approve the new buyer within 30 days, the deal will become null and void, unless the buyer and seller both agree to extend that condition.

Once the developer accepts the buyer, the assignment will happen within a few days. Most contracts outline an assignment closing within 5 business days after the developer gives their consent. Some buyers will also include financing conditions in their assignment offer, so they have time to run the deal past their mortgage broker. However, most assignments are purchased with only lawyer review and developer consent conditions.

Here’s an example of selling an assignment for profit vs selling an assignment for a loss:

Below are four examples of the deposit/profit payment schedule for assignments.

Example 1 is a fantastic example of a preconstruction condo that appreciated $100,000. In this typical example, the assignee and assignor agreed to a deposit big enough to return all of the assignor’s deposits, as well as some extra profit to cover Realtor commissions. This deposit is usually transferred to the listing brokerage within 1 day of the offer being accepted and is released to the assignor on assignment closing. In this example, the assignor and assignee also agreed to pay the seller the rest of their profit at the final closing.

Example 2 shows the same conditions for the sale, except the assignee agreed to pay the assignor their full deposit and all their profit on the assignment closing date, instead of the final closing date.

Example 3 looks at an assignment where the assignor is taking a $100,000 loss. Instead of being paid their whole deposit on assignment closing, they are paid their deposit minus the difference between the purchase price and the sale price.

Example 4 is a rare case, where the market has turned significantly and the assignor is looking to transfer their assignment for $0. This means the assignor is walking away from all their deposits and will take no money to transfer their contract to the assignee.

What is the commission on an assignment condo sale:

The major fees when selling an assignment include the builder’s assignment fee, real estate commissions, and tax on the profit. Builder’s assignment fees usually range from $1500-$25,000 (in some extreme cases they go as high as $80,000). The assignor usually pays both the assignor and the assignee’s realtor commissions. The commission is something to negotiate with your agent. The total commission is usually 5% or less of the final sale price (which in some cases is more than the original purchase price, but sometimes it’s less than the original purchase price).  There are likely taxes such as income tax, capital gains tax, or HST on the sale as well. Speak to your accountant about taxes due on the assignment sale.

Do you pay taxes on an assignment sale?

The taxes on assignments are simple, however, buyers and sellers often confuse the HST taxes. That’s because there are two different HST taxes when talking about preconstruction assignments. Let’s clarify this! All new homes are subject to HST, however, end-users don’t notice the HST tax because the builder pays it and claims a $24,000 rebate on the end-user’s behalf. Alternatively, investors who purchase a pre-construction home are charged around $24,000 in HST, and are then able to claim a rebate for the HST they paid, if they rent the property out for one year. There are situations where an assignment will lose its eligibility for the HST rebate. If someone has lived in the home during interim occupancy, it will no longer be eligible for the end-user HST rebate.

The second HST tax we discuss when selling an assignment is the HST due on the profit. In many cases, the profit is subject to a 13% HST tax. In some cases, even the return of deposits is subject to HST.

The third tax is the income or capital gains tax on the profit. Any real estate property that is not your primary residence, as well as any business venture, is taxable as either a capital gain or as income. It’s really important to speak to an accountant before selling your assignment. Only an accountant can advise you whether you owe HST, capital taxes, or income taxes on your assignment sale.

Is it better to sell an assignment or wait till the condo is ready?

The pros to assigning a condo:

• Receive your deposits and profit sooner
• Avoid market risks. Savvy investors might look to assign their property if they sense the market might depreciate in the coming months/years.
• Avoid paying closing costs (land transfer taxes, development levies, utility hookups, and more). These usually come to a little more than 5.5% of the purchase price
• No mortgage or financing required
• Minimize holding costs (if you sell before interim occupancy or before final closing, there are no property taxes, maintenance fees, utility fees, insurance, mortgage, etc)

Cons to assigning a condo

• Developer restrictions (limiting the marketing of the property, limiting when they are accepting assignments)
• Market perception and buyer’s hesitancy when buying a property sight-unseen
• Market fluctuations suppressing buyer demand
• Limited buyer pool and most of the buyers are investors who want a good deal
• Usually sell for a lower price than comparable resale properties
• Financing challenges for the buyer if the property does not appraise at the new purchase price
• Potentially more taxes compared to closing and reselling

The most common mistakes when selling an assignment:

Hiring the wrong representation, or not relying on professional advice:.

As active realtors in the assignment market, we come across quite a few mistakes. But most of them could be avoided if the buyers and sellers were represented by experienced realtors and lawyers. The agreement of purchase and sale for an assignment is very different compared to an agreement of purchase and sale for a resale home. One of the most common mistakes we see from buyers and sellers is assuming the paperwork their realtors drafted is correct, and forgoeing their right to have their lawyer review the assignment paperwork.

Poor communication/understanding:

This happened to my assignment buyers recently. They purchased a home where the seller’s representative told us the finishes had not been chosen yet. We protected our buyers by including clauses to that degree. However, a few days after the assignment closing, we learned the sellers chose the finishes a few days before closing. Luckily, the developer allowed the buyer to make changes to the finishes at an additional fee.

Ignoring deadlines or dragging your feet:

Assignments come with a lot of moving deadlines, and there are a lot more parties involved compared to a resale property. Always return paperwork and signatures as soon as possible. Compared to a resale property where the only parties are the buyer, seller, and their agents and lawyers, an assignment involves the developer, the developer’s lawyers, the buyer and seller agents, and the buyer and seller lawyers. If everyone took 3 days to return paperwork, the conditional period would lapse and the deal would become null and void.

Incomplete Buyer Vetting:

Buying an assignment requires the assignee to have their mortgage preapproval, as well as their purchase funds available very shortly. If the assignee does not have a mortgage preapproval on hand, it could delay the developer accepting the assignment. If they do not have their funds available it could delay the quick closing as well.

It’s important to thoroughly vet buyers because some builders require the assignor to close in the rare chance the assignee cannot close.

Misunderstanding fees:

Builder’s contracts are not standard forms, and their deposit structures and closing fees can vary from site to site. There are a lot of potential fees when buying and selling assignments and they include, but are not limited to: deposits, seller’s profits, upgrades, lawyer’s fees, interim occupancy rent, utility set-up fees, development levies, realtor commissions, accountant fees, HST, and income taxes. These fees can vary from deal to deal, and when they are payable is different in every assignment. For example, some developers require the homeowner to pay for upgrades when they are chosen, and others charge for the upgrades at final closing.

If you have a preconstruction condo or home that you are thinking of assigning. Feel free to reach out to us for some advice and insight.

Related posts.

6 important facts to consider when selling a preconstruction condo.

Everything you need to know to sell your preconstruction condo assignment

Condo Assignment sales Explained

Condo assignments in bc’s presale market.

Updated by Mike Stewart Vancouver Realtor on January 27, 2024

Across Vancouver and British Columbia, condo assignments remain a popular topic regardless of market conditions

This article will delve into the intricacies of selling a presale condo in BC through assignments of contract, providing a comprehensive guide for potential sellers and buyers.

What is as Presale Condo Assignment of Contract?

A presale condo assignment sale is a transaction in which the original buyer of a presale condo—a property not yet constructed—transfers their rights and responsibilities under the purchase agreement to a new buyer before completion.

This assignment of contract is a strategic move that, despite its complexity, offers a potential financial advantage for both parties involved and should only be done with professional advice.

Essentially, it allows the new buyer to assume the original buyer’s position in the agreement with the developer, selling their interest in the property before it’s built.

Key Terms to Understand

The transactions have their own specific jargon that can be very confusing to the uninitiated.

Here is a list of terms that will make it easier to understand presale condo assignment sales.

• Assignor – this is the original presale condo buyer who purchased the unit from the developer.
• Assignee – this is the purchaser of the assignment from the assignor.

Before we discuss how to sell or assign a preconstruction condo in detail, we need to clarify what a presale is.

Looking for Presale Condo Assignments for Sale in Vancouver?

Check out the assignments for sale Vancouver that we have exclusively available!

What is a Presale Condo?

A presale condo is a property unit that is sold to buyers before the building has been fully constructed.

Developers in BC often pre-sell condos and townhouses to secure necessary funding for their projects.

Buyers are essentially purchasing a promise that a condo will be built to certain specifications at a future date.

Step-by-Step Process of a Condo Assignment Sale

Below is a step-by-step explanation of how a presale condo assignment sale works from start to finish. Should you have any questions, feel free to reach out to me at 604-763-3136.

• Developer’s Assignment Policy Check : Before anything else, the assignor’s real estate agent should verify if the developer permits assignments. It’s also essential to determine whether the developer allows the public marketing of the assignment.
• Marketing the Assignment : Once permissions are confirmed, the assignor’s Realtor will market the property. Depending on the region and developer’s policies, this could be on the MLS or through other channels. For instance, in the Lower Mainland, many developers near Vancouver prohibit MLS listings for assignments , but it’s more common in places like the Fraser Valley.
• Receiving and Reviewing Offers : When a potential assignee shows interest, their Realtor will prepare and submit an offer to the assignor’s Realtor. The assignor and their agent will then review this offer, potentially leading to negotiations.
• Securing an Accepted Offer : After negotiations, if both parties agree on terms, they’ll have an accepted offer in place. This doesn’t mean the sale is complete, but it’s a significant step forward.
• Developer Approval : With an accepted offer, the assignor’s Realtor must submit it to the developer for review. Developers usually have a dedicated team or work with a project marketing company to review these offers. They’ll assess the assignment and present it to the developer for final approval. This step often involves paying an assignment fee to the developer. More on this below.
• The assignor pays the developer any required assignment fees. More on this below.
• The assignee reimburses the assignor for their initial deposits.
• The deposits that the assignor originally gave to the developer are then transferred to the assignee.
• After this occurs, there usually is wait before completion of the property occurs.
• Completion of the Sale : The assignee, now stepping into the shoes of the original buyer, will finalize the property’s purchase. Once the development is complete, they’ll become the official owner of the condo or townhouse.
• Understanding Assignment Fees : It’s crucial for both parties to be aware of any assignment fees. These fees, charged by the developer, can range significantly. They’re typically outlined in the original presale purchase contract and need to be settled before the developer approves the assignment sale.

For more details on this process, please see our post on How to Sell a Presale Condo Assignment in BC .

Condo Assignment Contracts Require Developer Permission

Condo assignments of contract are unique in that the permission of the original developer is required in writing in order for the transaction to go forward.

As mentioned above, condo assignment purchase contracts are essentially 3 way contracts that require the written consent of the assignor (original purchaser), the assignee (new buyer), and the developer.

The developer is not required to give permission and it will state that the developer can withhold permission of an assignment for any reason.

In practice, developers often do not permit assignments or may stop allowing assignment sales and marketing unexpectedly.

The key is to work with a Realtor who knows assignment sales who has the connections and ability to find out the developers current views on allowing assignments in their projects.

We can help with this as we sell assignments regularly and have deep long term connections relationships with all of the major developers and marketing companies in BC.

What is an Assignment Fee in BC?

An assignment fee is a sum of money developers charge to allow an assignment of contract to go forward.

Developers typically charge an assignment fee of anywhere from a few dollars up to 5-10% of the assignment purchase price.

Payment of the assignment fee is required before a developer will sign the assignment sale contract.

The amount the developer charges for an assignment is typically laid out in the presale purchase contract.

The assignment fee needs to be paid to the developer when the developer gives permission to allow the assignment of contract to go forward.

Developers will often allow lower assignment fees for assignments that happen between immediate family members.

Who Pays Assignment Fees?

Assignment fees are typically paid by the assignor to the developer. The assignment fee sometimes can be paid by the assignee if the assignor agrees to it in the contract or the assignor is not able to pay fee.

Please note who pays the assignment fee is negotiable in the negotiations between the assignee and assignor before there is an accepted offer.

When are Assignment Fees Paid?

Assignment fees are paid once the assignee and assignor have an accepted offer and the assignee has removed their subject conditions on the contract of purchase of sale.

The assignment fees is only payable if the developer gives permission for the assignments. If the developer does not give permission to the assignment, the assignment fee is not payable.

Condo Assignment Deposits Explained

Once the developer gives permission for the assignment sale in writing, the assignee (assignment buyer) will reimburse the assignor (seller of the presale/original buyer) for the original deposits paid to the developer by the original buyer (assignor/seller of the presale).

The deposits held by the developer will have their ownership transferred or “assigned” from the assignor (original presale buyer/seller) to the assignee (assignment buyer).

How are Condo Assignment Deposits Held?

Assignment sale deposits are typically paid into by assignee’s buyers agents trust account once the assignee removes subjects on their assignment purchase contract.

Here are two options for the funds that an assignee reimburses an assignor for their original deposits held by the developer:

• Released to the assignor upon receiving written permission from the developer for the assignment making the assignment contract firm and binding on all parties.
• Held in a trust account to be released to the assignor upon completion of preconstruction property.

Why Assign a Presale Condo?

There are several reasons why an original buyer might want to sell their presale condo.

Market conditions may have changed, making it profitable to sell the contract for a higher price than the original purchase price.

Alternatively, the original buyer’s personal circumstances may have changed, making it difficult or undesirable to complete the original purchase.

Legal Framework for Assignments in BC

In BC, the Real Estate Development Marketing Act (REDMA) governs the sale of presale condos and assignments of contract.

Under REDMA, developers must provide a disclosure statement to presale condo buyers that includes information about the developer, the development, and the rights and obligations of the parties.

This includes the buyer’s right to assign the contract and any restrictions or requirements the developer may have regarding assignments.

When buying a presale condo assignment, it is imperative that the purchaser receives and reviews the disclosure statement and all of the amendments to the disclosure among other documents to make an informed decision about a purchase.

Condo Assignment Risks

Presale condo assignments are extremely complex transactions.

The considerable risks of assignments can be avoided by hiring a qualified Realtor, tax accountant, and real estate lawyer.

Below is an explanation of the risks for both assignors and assignees in an assignment sale.

Risks for Assignors:

• Even if the original purchase agreement allows for assignments, the developer can withhold permission. If the assignor has already made plans based on the assumption of selling the assignment, this can lead to significant disruptions.
• If the assignee defaults or fails to complete the purchase, the assignor might be left to complete the original purchase. If the assignor’s circumstances have changed, they might not be prepared or financially capable of doing so.
• In BC, a presale condo might get cancelled due to unforeseen construction challenges, financial difficulties faced by the developer, changes in market conditions, failure to secure necessary permits, or legal disputes. Though project cancellations rare, it can happen and an assignor may face legal action from assignee who has paid a premium to the assignor for a condo that does not get delivered.
• The Canada Revenue Agency (CRA) might view the sale as a business transaction rather than a capital gains transaction, leading to a higher tax liability for the assignor. Check in with a qualified tax accountant before thinking of selling a presale condo in BC.
• If an assignor frequently engages in assignment sales, they might develop a reputation with developers. This could impact their ability to purchase presale condos in the future, especially if developers view them as speculators.

Risks for Assignees:

• Since the property isn’t built yet, the assignee is buying based on plans and promises. The final product might differ from initial plans, leading to dissatisfaction.
• If the real estate market declines after agreeing to the assignment purchase, the assignee might end up paying more than the market value by the time the condo is completed.
• Securing financing for assignment sales can be more challenging than for traditional real estate purchases. Some lenders might be unfamiliar with or wary of the complexities of assignment sales.
• The assignee might be unaware of additional costs or changes made by the developer after the original purchase agreement. This can lead to unexpected financial burdens.
• If the assignor doesn’t provide all necessary disclosures or if there are discrepancies in the assignment agreement, the assignee might face legal challenges or complications.
• In BC, a presale condo might get cancelled due to unforeseen construction challenges, financial difficulties faced by the developer, changes in market conditions, failure to secure necessary permits, or legal disputes. Though project cancellations rare, it can happen and an assignee who has paid a premium to the assignor may not get a condo.

Presale Condo Assignment Sales FAQ

• A condo assignment is the legal transfer where the original buyer (assignor) of a presale condo sells their contractual rights and obligations to another buyer (assignee) before the property’s completion.
• Unlike a regular condo sale where the property is already built and ownership is transferred, a condo assignment involves selling the contractual rights to a condo that hasn’t been constructed yet. Essentially, it’s the transfer of a promise for a future property.
• There are various motivations. Market conditions might make it profitable to sell the contract at a higher price than the original purchase. Alternatively, the original buyer’s personal circumstances might change, making it challenging or undesirable to complete the original purchase.
• Yes, in BC, the Real Estate Development Marketing Act (REDMA) oversees the sale of presale condos and condo assignments. It ensures buyers are informed about their rights, the developer, and the development.
• Absolutely. The original developer’s written permission is essential for a condo assignment. It’s worth noting that developers can withhold this permission for various reasons.
• An assignment fee is a charge set by developers, which can range from a nominal amount to up to 5-10% of the assignment purchase price. This fee must be paid before the developer approves the condo assignment sale.
• After the developer approves the condo assignment in writing, the assignee reimburses the assignor for the initial deposits made to the developer. The ownership of these deposits then transfers to the assignee.
• Highly recommended. A Realtor with condo assignment expertise will offer invaluable insights and connections, ensuring a more streamlined process for all involved.
• Yes, developers’ views on allowing condo assignments can change. They might halt assignment sales or marketing without notice, emphasizing the importance of staying informed and working with knowledgeable professionals.
• Before entering a condo assignment agreement, what should I consider?
• It’s essential to grasp the legal and financial implications, seek advice from a real estate professional, and acquaint yourself with the Real Estate Development Marketing Act (REDMA). Proper research, understanding, and expert guidance are pivotal for a successful condo assignment transaction.
• Who typically pays the Assignment Fee?
• The assignor usually covers the assignment fee to the developer. However, in certain situations, especially if the assignor faces financial challenges, the assignee might bear this cost.

12. Are Presale Condo Assignment Legal?

• Yes. Presale condo contract assignments are legal, despite some less informed politicians ruminating on potentially banning them.

Pro Tips for Navigating Condo Assignments

• Before entering into an assignment agreement, thoroughly review the original purchase contract and presale disclosure statement. Look for any clauses or restrictions related to assignments to ensure you’re not breaching the agreement. The disclosure statement is designed to allow a buyer (either assignee or assignor) make an informed decision about a purchase. Read and understand it.
• Work with a Realtor experienced in condo assignments. They’ll have insights and connections that can be invaluable. Additionally, consult with a real estate lawyer to ensure all legalities are addressed.
• Understand the reputation of the condo’s developer. A reputable developer is less likely to cancel a project or deny assignment requests without valid reasons.
• Be aware of the assignment fees charged by developers. These can vary and might impact the profitability of the assignment. This can also have an impact on the negotiating strategy if the assignment fee is quite high or low.
• The real estate market can be volatile. Regularly assess market conditions to determine the best timing for an assignment sale.
• Ensure open communication lines with both the assignee and the developer. Misunderstandings can lead to complications or lost opportunities.
• Keep a record of all communications, agreements, and transactions related to the assignment. This can be crucial if disputes arise.
• Consult with a tax professional to understand before doing anything to understand any potential tax liabilities or benefits arising from the assignment sale or purchase.
• Plan for Financing Challenges:
• If you’re an assignee, understand that not all lenders are familiar with assignment sales. It might be more challenging to secure financing, so start this process early.
• Stay Informed on Legal Regulations:
• Familiarize yourself with the Real Estate Development Marketing Act (REDMA) and any other local regulations governing assignments in your area.

By following these pro tips, both assignors and assignees can navigate the complex world of condo assignments with greater confidence and success.

Benefits of Condo Assignments

Condo assignments offer a range of advantages for various parties involved, from the original buyer to the new buyer and even the developer. Here’s a breakdown of the benefits:

• Flexibility for Original Buyers : Life is unpredictable. Financial situations, job relocations, or changes in family dynamics can alter one’s ability or desire to complete a presale condo purchase. Assignments provide an exit strategy for original buyers who no longer wish to, or cannot, finalize the purchase.
• Potential for Profit : If the real estate market has appreciated since the original purchase, the original buyer (assignor) might sell the assignment for more than their initial purchase price, earning a profit before the condo is even completed.
• Opportunity for New Buyers : Assignments can be a golden opportunity for new buyers (assignees) to step into a contract at potentially below current market prices. They might also get access to units in sold-out developments or in prime locations that are no longer available directly from the developer.
• Avoiding Marketing and Sales Costs : For developers, allowing assignments can mean that they don’t have to re-market and sell a unit if the original buyer backs out, saving them potential additional costs.
• Immediate Access to New Developments : New buyers can gain access to developments that are closer to completion, reducing the waiting time compared to buying a new presale.
• Financial Liquidity for Original Buyers : By selling their rights through an assignment, the original buyer can free up any deposits or funds tied to the presale condo, aiding their financial liquidity.
• Reduced Risk of Project Cancellation : New buyers stepping into assignments might do so in projects that are further along, thereby potentially reducing the risks associated with project delays or cancellations.

Understanding the benefits of condo assignments can help both original and new buyers make informed decisions, ensuring that they leverage the opportunities this unique real estate transaction offers.

Selling a presale condo in BC through an assignment of contract can be a complex process, but it can also be a profitable venture if done correctly. It allows the original buyer to potentially make a profit before the completion of the condo, and it provides an opportunity for another buyer to step into the original buyer’s shoes and benefit from any increase in the property’s value.

However, it’s important to understand the legal and financial implications of such a transaction. The Real Estate Development Marketing Act (REDMA) provides a regulatory framework for these transactions, but it’s crucial to consult with a real estate and tax professional and a lawyer to navigate the process effectively.

In conclusion, selling a presale condo in BC through an assignment of contract is a unique aspect of the BC real estate market. It offers opportunities for profit and flexibility for buyers, but it also requires careful consideration and understanding of the process. As with any real estate transaction, due diligence, knowledge, and professional advice are key to success.

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What Is A Condo Assignment?

When purchasing a pre-construction condo unit, a buyer signs an Agreement of Purchase and Sale with the condo builder, that reserves their ‘right’ to the unit they purchased.

An “ Assignment ” is when that condo buyer then sells the condo prior to the completion of ownership. This typically happens between the time they originally signed for the condo, and the time the building is completed.

A “Resale” transaction is when a seller actually has ownership, the building is completed and already registered, and they decide to sell. This is different than an Assignment sale.

In the case of an Assignment sale, the seller doesn’t actually own anything other than an Agreement of Purchase and Sale they originally signed. The condo isn’t registered yet, and in some cases, the condo isn’t even built yet. They are selling the “right” to that condo. So, the seller is “Assigning” ( or selling ) that Agreement of Purchase and Sale and the rights of the condo over to the new buyer.

Benefits of an Assignment for Sellers:

• Sell before you close
• Avoid closing costs
• Avoid occupancy fees
• No need to get a mortgage
• Cash out (get back the deposits you have paid and profit)

Benefits of an Assignment for Buyers:

• Buy a brand new, never lived in condo
• No Waiting (pre-construction condos typically take 1-5 years to build)
• Tarion Warranty
• Original VIP incentives on the contract
• Stronger negotiating power

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Guide to Condo Assignment Sales

If you’ve looked into purchasing pre-construction condos in Toronto you’ve come across the term “Assignment Sale”. Often Developers will offer allowing Assignment Sales as an added incentive for buyers. Or you’ll come across an agent or seller listing an assignment sale of a pre-construction condo.

The recent growth of the pre-construction condo market has seen a rise in this type of transaction, and so it’s important for buyers to understand how Assignment Sales work.

What is an Assignment Sale

An “Assignment” is a real estate transaction where the original buyer (the “Assignor”) sells their buyer’s rights to another buyer (the “Assignee”). In Toronto, assignments are common in pre-construction condos.

Assignor:  is the original buyer of the condo unit. The Assignor purchased the unit 3-5 years ago at the pre-construction sales phase directly from the builder. In an assignment transaction the assignor is the seller of this original agreement of purchase and sale.

Assignee:  is the buyer of the Agreement of Purchase and Sale from the Assignor. In an assignment transaction the assignee is the new buyer of the assignor’s agreement of purchase and sale

When does an Assignment Sale transaction happen

Assignments take place before Closing – before the buyer actually has position or title of the condo. Which is why the buyer is technically selling “buyer rights” or just the contract at this stage.

Who benefits from Assignment Sales

Assignments can be a useful tool for buyers and sellers.

Original Buyers, the “Assignor” benefit by not having to close on their condo purchase. That means the Assignor is not responsible for paying any closing costs. If occupancy hasn’t taken place at the time of signing, then the Assignor does not have to pay any occupancy fees. Instead, the new buyer or Assignee takes over and closes on the purchase with the Developer. Given the long lead times for pre-construction condos between purchase and closing, original buyers find the ability to make an assignment sale reassuring and beneficial since they are not locked into a contract. More aggressive real estate investors looking for more immediate ROI use assignment sales to close out their position and reap the margins realized on pre-construction condos before closing.

New Buyers, the “Assignee” benefit by getting an advantage in price relative to other ready-built condo properties on the market. Assignees also get a new, unlived home. If the Assignment takes place before the selection of finishes, the Assignee gets to make final colour and finishes selections and customize to their liking. Assignees also close in a shorter time period when compared with buying at a pre-construction project at an earlier launch phase. Finally, and perhaps most importantly, Assignees have to reimburse the Assignor all deposits already paid. These deposit amounts are on the original purchase price on the contract and not at today’s market value.

Risks associated with an Assignment sale

For the New Buyers, the “Assignee” when you purchase an assignment you take on all the terms and conditions of the original Agreement of Purchase and Sale (APS) contract. So if the original Buyer did not get their Lawyer to review the agreement to make sure things such as levies were capped then those risks are passed on to you. Assignee can protect himself by making sure the Assignment agreement has a clause that makes offer conditional on your Lawyer reviewing the original APS.

Assignee is also responsible for all the costs associated with purchasing brand new: Tarion Warranty fees, Builder fees, Development Levies, Utility connection fees and contribution to Condo Board reserve fund.

For Original Buyers, the “Assignor” risks include responsibility for any assignment fees charge by the Builder. In the event that Assignee (Buyer) can’t close the transaction then Builder may request that Assignor closes as per the terms of the original APS.

Builder will also stop communicating with Assignor and deal exclusively with Assignee once they have agreed to and executed assignment agreement. This makes it difficult for Assignor to get important updates. It’s therefore important that Assignor Lawyer keeps in touch with both the Builder and Assignee Lawyer until Final Closing.

Delays in occupancy or closing dates

The assignment remains valid regardless of delays. The Assignee has taken on the agreement and all buyer’s rights and responsibilities.

Assignee is unable to close

Typically the Assignor is not released from closing and both the Assignor and Assignee will be liable. We advise consulting a real estate lawyer to understand the terms and conditions with regards to assignments in the original agreement of purchase and sale.

Costs associating with assigning a unit

Developers typically charge an administration fee to process and approve assignment transactions. Both Assignors and Assignees are also strongly encouraged to involve a Lawyer, so there are legal fees to consider as well.

Payment of the interim occupancy fees

Typically the Assignee will pay any associated occupancy fees and any final closing costs unless negotiated otherwise in the assignment terms.

When does the Assignor get their money

Payment terms vary by agreement and are negotiated between the Assignor and Assignee. Typically the Assignor gets paid (partial or full deposit amounts) when the contract is signed, or the Assignee closes and gets legal title, or when the Assignee moves in and occupies the unit.

Who is entitled to the interest accrued by the original deposits made by the Assignor

The interest will likely be paid by the Developer to the Assignor, however this can be specified in the assignment terms.

Tax implications of Assignments sales

Buyers and sellers are also encouraged to get advice from a tax accountant. There are tax implications (GST/HST) where it is determined that the Assignor’s primary intent was to flip the property for profit.

Steps involved in an Assignment Sales process

It is crucial to work with an experienced agent when dealing with assignment transactions. Real estate Assignments are legally-binding, and it’s important to understand what the clauses mean and how they directly affect you. Buyers and sellers are also encouraged to get legal advice.

1. Ensure original Agreement of Purchase and Sale includes an Assignment clause , and understand the terms and conditions imposed by the Developer on assignment transactions. For example, some Developers may include restrictions that prevent any assignment sale until a certain percentage of the building has been sold directly by the Developer, typically 90-100%. There may also be additional restrictions on advertising or listing your unit for an assignment sale. Each Developer and project is different. Typically, developers have to grant permission to allow the assignment of units.

2. Find a new buyer, the “Assignee”  Finding a buyer can get tricky if a Developer prohibits listings and advertising. It is crucial to work with an agent that specializes in assignment sales to help you work around these restrictions to find a buyer.

3. Complete the required paperwork. Assignment sales involve a lot of paperwork and it is critical that the Assignment Agreement protects the interest of all parties involved. The diligence of an experienced agent and lawyer are crucial here due to the important points to be considered such as Developer’s Approval, Lawyer Reviews, responsibility for HST, Occupancy fees, Levies and closing costs etc. Additional factors to consider include, interest payments on deposits held by the Developer, and incentives per original agreement of purchase and sale to be credited by the Developer on final closing.

Assignments are great tools that offer value and benefits to both sides of the transaction, Assignors and Assignees. Due to the clauses and considerations involved, Assignments can often get complicated, making it extremely important to work with an experienced agent and real estate Lawyer to help mitigate risk.

Are you considering an assignment sale or interested in learning more? Drop me a line and let’s start talking!

Got a question? Submit it here!

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All About Condo Assignments

— We take our content seriously. This article was written by a real person at BREL.

Some background on pre-construction condos…

To be able to really understand what an assignment is, you need to know a few things:

• When a Buyer agrees to buy a condo from a builder during the pre-construction phase, they sign a pre-construction purchase contract (with a price, terms and conditions, a deposit, etc.)
• When the new condo is built and ready to be moved into, there is a period of ‘interim occupancy’, where the Buyer can take possession (in other words, move into the unit). During the period of interim occupancy, the Buyer does not yet own the condo ; they simply pay the builder an amount roughly equal to what their mortgage payment + condo fees + taxes will equal. No transfer of land has yet occurred, and no mortgage has yet been given.
• Once a building has passed all the city inspections and gone through all the processes to become a legal entity, condominiums are officially registered . During this registration period, condo ownership is transferred to the Buyers, mortgages come into effect and Buyers officially become owners (a.k.a. the closing ). The period between occupancy and registration (i.e. the interim occupancy period) can be anywhere from 3 months to 2 years–though registration typically happens 4-8 months after people begin to move in for the interim occupancy period.
• Sometimes, Buyers of pre-construction condos change their minds and want to sell their condo either before the occupancy period or before the official close. Their life circumstances may have changed, or they may have been speculative investors who never intended on actually taking possession of the unit. Because they don’t yet own the condo, they can’t actually sell it. What they can do however, is sell their contract (their agreement with the builder to buy a unit) to another Buyer. This is what we call an assignment .

What is a condo assignment?

With an assignment, the Seller is actually selling their interest in a property (in other words, their contract with the builder). They aren’t selling the actual condo (as they don’t own it yet); they are selling their promise to purchase a property .

When you purchase an assignment, you are essentially stepping into the shoes of the original purchaser. You can’t renegotiate the price or terms of the contract, you are simply taking over the contract as it already exists.

It’s important to note that some builders won’t allow their original purchasers to assign contracts , or will only do so for a fee (we’ve seen assignment fees from $750 to $7,000). Builder approval to assign a contract is almost always necessary.

Advantages and Risks of Assignments for Buyers

• When you buy an assignment, you take on all the terms and conditions that the original purchaser agreed to – so if he or she didn’t get a lawyer to approve the agreement for example, those risks are passed onto you. While you can have your lawyer review the terms they agreed to, you can’t renegotiate them.
• You also take on the usual risks of buying a pre-construction condo: time delays, changes to the unit or building, extended interim occupancy periods, etc.
• Depending on what stage of construction the condo is in when the contract is assigned to you, you may or may not be able to be involved in selecting finishes and upgrades .
• Because it’s a new construction condo, HST may apply. If you don’t actually move into the unit, you’ll be responsible for paying tens of thousands of HST on closing.
• When a condo is assigned to you, you generally have to mirror the deposit that the original purchaser has paid to date . So rather than providing the usual 5% deposit for a resale condo, you may be required to provide 15% of even 20% as a deposit. If you are a first-time buyer with a lower down payment, you may not be able to afford the deposits required for an assignment.
• With an assignment, you will be eligible for the Tarion warranty program , which provides years of warranties against defects and problems with your condo, and because all the appliances will be new too, they’ll also be covered by warranties.
• When the unit is officially registered and you close on the purchase, you’ll be responsible for all sorts of closing costs that don’t apply to resale units. These ‘ builder adjustments’ apply to all new construction projects and include development and education costs, HST on appliances, utility connections fees and Tarion fees. These builder closing costs can easily amount to 1-3% of the original purchase price (and there’s talk of the development fees doubling in Toronto in the near future). If you’re looking at taking over someone else’s contract via an assignment, look to see if the original purchaser capped the amount of these costs when they originally negotiated the unit. Otherwise, make sure you have lots of money put aside for closing costs.
• Legal fees to purchase an assignment condo are generally higher than typical resale condo purchases. For a condo under $500K, plan on legal fees around $2,500 (vs $1,800 for a resale).
• When you close on the actual purchase with the builder, you’ll need to pay land transfer tax . Because no land ever exchanged hands, the original purchaser will get to avoid paying land transfer tax.
• Going through the assignment process can be a great way to purchase a condo in a building that has no remaining inventory , and often the actual purchase price (before closing costs) is lower than it will be once the building has registered and the condos are offered for sale in the resale market.

The assignment process is a tricky one, with risks, legal requirements and paperwork that doesn’t look anything like the usual agreement of purchase and sale for a condo.   If you’re considering an assignment, make sure you work with a REALTOR who understands the intricacies of assignments and can guide you through the process. As always, we’d be happy to help!

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Do you have 2 bedroom unit in 50 Wellesley?

Melanie Piche says:

No sorry, we don’t have anything at 50 Wellesley right now.

Clinton says:

Can you explain how the above might affect an “assigned sale” property being rented out?

In other words- if I purchased a unit – and it’s currently under assigned sale and I wish to rent it out in an unfinished building at the moment is there anything the prospective tenant should know ahead of time?

The original agreement of purchase and sale with the builder will define what’s allowed during the occupancy period – some builders restrict rentals completely, some want to approve them, some allow rentals if the buyer uses the builder’s agent and some let people do whatever they want.

Vanessa says:

Do you have any advice on selling a condo assignment? How successful are they?

Condo assignments aren’t easy or in huge demand, but if you bought in a sold-out building that people are still interested in, it’s totally possible. That assumes you have the right to assign the unit in your contract of course…

If the Agreement of purchase and sale stated that prior to closing, the purchaser covenants and agrees not to sell, lease, transfer or assign this Agreement or unit, could I still be able to assign the unit if I pay a fee with the vendor written consent?

It sounds like you’ve agreed not to do it in your contract…you’d have to talk to the builder to see if they are are open changing the terms of your contract.

Sha Song says:

If i am buying an Assignment with a tenant in the unit in May and i plan to use it as my primary residence after final closing in September 2016. Does the few months of rent I receive from the tenant affect my qualification for the HST rebate?

You’ll want to check that with your lawyer…HST rebate laws are complicated and beyond the scope of what we can give advice about. Good luck!

mohsen says:

if i buy an assignment condo with a purchase price higher that what original buyer paid, how is the land transfer tax calculated? Builder only charges tax based on original purchase price. How should I declare the purchase price, so when i sell the condo few years down the road and if I have to pay capital gain, I won’t have to pay capital gain based on the price I actually paid?

Excellent questions! You’ll want to talk to your lawyer/accountant about that…that’s outside of the scope of the advice we can give.

Brendan Powell says:

You might find this Ministry of Finance bulletin useful:

http://www.fin.gov.on.ca/en/guides/ltt/guidenote1.html

Generally though, when it comes to land transfer tax you are paying tax on the value of what you bought, i.e. What YOU paid. For capital gain, I expect you only pay tax on whatever gain YOU had. Gain that happened on someone else’s watch is their problem!

As Melanie says though, you need an accountant and lawyer to advise on your particular situation.

sorry in my last comment, I meant ” I won’t have to pay capital gain based on the price original buyer paid”

if I buy an assignment property, do I pay the despoits to original buyer right away or do I wait until closing also do I have to get mortage pre approval right away or can I wait until later.

Pooja says:

How likely is it that a seller is able to get a higher price on an assignment than they paid? If they do, then is the buyer required to pay the entire amount at once?

Many people successfully assign properties at a premium. On the closing of the assignment, the buyer pays you whatever deposit you paid the builder + any profit you’ve agreed on. They pay the rest of the money (usually via mortgage) to the builder when the building registers.

Sandra says:

Hello, I am looking to assign my newly-built three-bedroom townhouse in Mississauga (close to Erin Mills Town Centre mall) as I am moving out of the country. My agent said that we are not allowed to advertised on MLS so how are we supposed to find potential buyers then? Word-of-mouth really restricts the buyers pool. Well, if anyone is interested please let me know by responding to this comment. Thanks.

Where and how you are allowed to advertise an assignment is set by the builder and would have formed part of the Agreement of Purchase and Sale that you signed. While it’s sometimes possible to negotiate these things while you’re making the purchase, if you signed something that restricted marketing, unfortunately you’re options are few. Hopefully you’re working with an agent who does a lot of assignments and has a ready list of buyers!

Jamey says:

Actually, I am not sure if you would answer to my question but… I at least wanted to try as I am very desperate to hear 3rd expert’s invaluable opinion. I am in the process of buying an assignment and currently waiting for a builder to approve my contract with an original purchaser. My issue here is… this approval has been pending for about 6 months now and I was wondering if it is a common case. Regardless it’s common or not, what reason do you think there is, why the builder put a hold on to approve this agreement this long? The original written contract between the original seller and the builder clearly indicates that their contract can be assigned one time before the condo registration so this whole thing was totally allowed.

It would be deeply appreciated if you could provide some thoughts on this. Thank you very much.

I’m not able to answer your question because it’s a current transaction, and of course, I don’t know the whole story. I would suggest you talk to the agent who is representing you – they should be able to shed some light on what’s going on!

Dawn Renwick says:

Hi, I am an international investor who recently purchased a condo which will complete in 2020. I am instructed that if I want to sell once we approach completion this is called an assignment. In my contract there are no restrictions as long as 90% of the units have been sold. My question is as an international investor is there any other tax implications that I should be aware of??

You should talk to your realtor and an accountant to understand the current tax situation (which of course may very well change by 2020).

Could assignement fees be negotiated with the builder?

Yes, during the initial negotiation of the purchase contract.

yusuf matadar says:

MLS allow to advertise underconstruction condo for sale if builder gives consent to do so ?

Could you “sell” your assignment to your kids? Of course without a profit on my end, at the price of the purchase I have made years ago when it was still cheap? What costs other than the legal and developer fees do I need to consider?

You can sell your assignment to your kids at whatever price you want..though check with an accountant to see if there are any tax implications for either of you. Legal fees are usually the only thing you’ll need to account for, other than builder assignment fees. Developer fees and land transfer taxes would be paid by your kids..

What percentage would you typically purchase an assignment compared to an actual closed unit?

The price totally depends on what’s happening with demand/supply in the building…closed units usually come at a premium (given additional costs incurred by the buyer) but it is building-dependent.

Thanks for the helpful article (and comments!). I bought a unit off-plan in Feb 2015 and the property has definitely increased in value since that time. The latest interim occupancy date is for June 2018 but I’m considering selling my unit on assignment – do you have any guidelines for setting the price?

I’d suggest you work with an agent who is experienced with assignments! They’ll be able to help you set the price and find a buyer. Happy to connect you with our assignment specialist – just email [email protected]

Hi When I buy an assignment, wondering if I can get a mortgage on an assignment price? Or the original price will be the price that I can get mortgage on

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Buying Condos on Assignment — A Quick Guide

Buying condos on assignment is becoming the norm in the real estate business. Investors use this strategy to purchase a condo cheaply and sell before closing to maximize profit. Understanding what a condo assignment is can be difficult, especially for newbies in the niche. Our team will discuss condo assignments and what you need to know before diving in to your next investment. 

What Is a Condo on Assignment Sale?

A condo on assignment sale is a written document issued to the purchaser of a pre-construction condo unit from the builder or an investor intending to sell. This agreement indicates that since the building hasn’t been officially registered, no one can take possession of the condo unit. However, you are allowed to sell the agreement to an interested buyer before the building is fully registered.

You will only get full ownership of the building after the final closing date – the period when the property title will be transferred to you. Once the property has become registered, you can sell the property and the title. It’s after the closing date that you will begin your mortgage payment.

Remember, the condo unit isn’t officially yours, even after making your down payment. You will only get a condo assignment sale as proof of your down payment and not the property’s title until after the closing date.

Why Purchase a Condo on Assignment?

There are reasons why buying condos on assignment is a familiar strategy investors and realtors use these days. If you already bought a pre-construction condo, you can maximize profit before closing and registration by selling the contract to another buyer. This is called “flipping.”

If you also have to relocate or out of cash, you can sell the contract to an interested buyer and get your money. Here, the agreement can protect you from accruing further costs.

Another reason to purchase a condo on assignment is that you’ll be buying at a price less than the market value when it’s completed. 

Important Factors to Remember

When buying a condo on assignment, you need to keep the following factors in mind.

You will be liable to pay taxes, such as Land Transfer Tax and other legal fees after the final closing date. Our experts recommend that you employ the services of a tax advisor for proper guidance.

Down Payment

Buying a condo on assignment sale demands that the builder collects a down payment from you. The deposit structure varies from builder to builder and the current phase of the building construction, but the typical range is between 15% – 30% of the total price of the building.

The builder must approve all the transactions regarding assignment sales. Some builders may not approve until the date of assignment sale is near the final closing date to avoid any confusion on whose name the property will be registered to.

You are mandated to provide Proof of Sufficient Funds to show that you can pay for the purchase before the builder can issue the contract. The remaining amount after the initial down payment is paid in the form of a mortgage.

The builder automatically assumes that you are using your condo as your primary residence after registration. Therefore, you become obligated to assign the HST Rebate entitlement to the builder.

Real Estate Broker

You need the help of a professional and seasoned real estate broker to help you with the transaction and ensure that it goes smoothly. This is because the paperwork involved is relatively complicated, and many agents or real estate brokers may not fully understand how condo on assignment sale works. 

Closing an Assignment Sale

When buying a condo on assignment sale, you will be responsible for closing costs once the builder registers the building. These costs include Land Transfer Tax, Utility Connection Fees, Development Charges, etc. [1] However, you are exempted from HST if you plan on using your condo as your primary residence. 

When purchasing a condo on assignment sale, you need to take note of the following:

• Assignment closing date (when the transaction is completed)
• Occupancy closing date (the first date when the builder hands over the keys to the purchaser)
• Final closing date (when the title of the property is transferred to you)

How do you buy an assignment for a condo?

To buy an assignment for a condo, you must be ready to purchase one of the pre-construction condo units from the builder. Afterward, you can request an assignment from the builder, showing that you own one of the units.

How does a condo assignment work?

A condo assignment transfers partial ownership of the building from the builder to the buyer. When buyers decide to purchase a pre-construction condo unit, they agree with the builder, signifying partial ownership.

When buying condos on assignment, it’s vital that you go through all these factors, as explained by our real estate experts, to avoid any complications, especially during the closing dates. An error could jeopardize your chances of buying a pre-construction condo, so take your time while going through the transaction. 

More pages:  

• Toronto condo and housing bubble 
• Advantages and disadvantages of condo living 
• Expenses of condo building 
• Assignment sale in Toronto
• Assignment sale in Vancouver
• Purchasing condo in Canada  

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Special session? Florida Gov. DeSantis pushes lawmakers to act on condo crisis

One possibility: after the november election, the legislature must meet for an 'organization session' and will be in tallahassee..

Two months after saying it was up to lawmakers to convene a special session to address an affordability crisis among condo owners, Gov. Ron DeSantis now is urging the Legislature to move on the issue before the end of the year.

“It needs to be done this calendar year,” DeSantis said Monday during a meeting in Miami Lakes to discuss the condo issue.

Lawmakers passed a series of reforms following the June 2021 collapse of the Champlain Towers South, a 12-story condo in Surfside, Miami-Dade County, which killed 98 people. Those changes included new requirements for condo associations to hold more reserves and to complete inspections and begin maintenance projects.

The requirements have a deadline of the end of the year, which led condo associations to impose special assessments and hike monthly fees. The increases were so large in some cases that thousands of condo owners throughout the state have decided to sell their units.

“We want our condos to be safe in the state of Florida but we also want to make sure any safety measures are implemented in ways that are reasonable and affordable to the residents,” DeSantis said. “We don’t want to see people forced out of a unit because they have a crushing assessment.”

State Rep. Tom Fabricio, R-Miami Lakes, said elderly condo owners were most at risk of being forced to sell due to the large assessments and fees. But the disclosures required in selling their unit include the cost of the assessments and necessary repairs, further complicating the situation.

“Now the assessments are too high,” Fabricio said. “Unfortunately what they’re seeing is that it’s not that easy to sell.”

For Doris Gonzalez, a condo owner in Miami-Dade County, the simplest solution is to extend the end-of-year deadline requirement to have sufficient reserves to pay for necessary maintenance.

She told DeSantis her monthly condo association fees jumped from $900 to $1300 and the units in her building were hit with $15,000 special assessments on average. “Some of them had to sell their unit after being there for over 20 years,” Gonzalez said.

DeSantis floated other ideas, including a low-interest loan program to keep costs down and help residents make payments over a longer period of time. But he urged lawmakers to talk with constituents and develop solutions.

Under the Florida Constitution and state statutes, DeSantis can convene a special session or legislative leaders of the House and Senate can call one .

After DeSantis’ comments in July, in which he said he’d be open to a special session but it would be up to the Legislature to convene it, Senate President Kathleen Passidomo, R-Naples, sent a memo to members saying she wouldn’t call them back to Tallahassee to address the condo issue.

She added that she understood the “anger and frustration” of those hit with assessments, but condo associations that have deferred critical maintenance on aging buildings put those structures in jeopardy, endangering public safety.

The next time lawmakers must be in Tallahassee will be after the November election: The constitution requires an "organization session " 14 days later to elect new leaders for the House and Senate. Sen. Ben Albritton, R-Wauchula, is poised to replace Passidomo as leader of the Senate.

DeSantis stressed he didn't want to skimp on the structural integrity of condo buildings after the Surfside incident, but affordability must be considered.

"I don’t know that every single repair is preventing a Surfside, that’s just the reality," DeSantis said. "So why would we want to be forcing people to have to make a choice to leave based on repairs that may need to be done but may not need to be done right at this instant, or may be able to be done over a period of time where you can absorb the cost better?"

Gray Rohrer  is a reporter with the USA TODAY Network-Florida Capital Bureau. He can be reached at  [email protected] . Follow him on X:  @GrayRohrer .

B4-2.2-03, Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects (06/05/2018)

Additional requirements for units in new and newly converted condo projects, condo project legal document review requirements for units in new or newly converted projects.

When performing a Full Review of new or newly converted condo projects, lenders must ensure compliance with the following additional requirements.

Note: Projects consisting of units in new or newly converted projects in Florida must be reviewed by Fannie Mae through the PERS process. See B4-2.2-04, Geographic-Specific Condo Project Considerations B4-2.2-04, Geographic-Specific Condo Project Considerations .

The table below provides Fannie Mae's requirements for the review of the condo project's legal documents for units in new and newly converted condo projects containing more than four residential units.

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Originating & Underwriting

Selling Guide

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(Published: Sept 04 2024)

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• Copyright and Preface
• A1-1-01, Application and Approval of Seller/Servicer
• A2-1-01, Contractual Obligations for Sellers/Servicers
• A2-1-02, Nature of Mortgage Transaction
• A2-1-03, Indemnification for Losses
• A2-2-01, Representations and Warranties Overview
• A2-2-02, Delivery Information and Delivery-Option Specific Representations and Warranties
• A2-2-03, Document Warranties
• A2-2-04, Limited Waiver and Enforcement Relief of Representations and Warranties
• A2-2-05, Invalidation of Limited Waiver of Representations and Warranties
• A2-2-06, Representations and Warranties on Property Value
• A2-2-07, Life-of-Loan Representations and Warranties
• A2-3.1-01, Lender Breach of Contract
• A2-3.1-02, Sanctions, Suspensions, and Terminations
• A2-3.2-01, Loan Repurchases and Make Whole Payments Requested by Fannie Mae
• A2-3.2-02, Enforcement Relief for Breaches of Certain Representations and Warranties Related to Underwriting and Eligibility
• A2-3.2-03, Remedies Framework
• A2-3.3-01, Compensatory Fees
• A2-4.1-01, Establishing Loan Files
• A2-4.1-02, Ownership and Retention of Loan Files and Records
• A2-4.1-03, Electronic Records, Signatures, and Transactions
• A2-4.1-04, Notarization Standards
• A2-5-01, Fannie Mae Trade Name and Trademarks
• A3-1-01, Fannie Mae’s Technology Products
• A3-2-01, Compliance With Laws
• A3-2-02, Responsible Lending Practices
• A3-3-01, Outsourcing of Mortgage Processing and Third-Party Originations
• A3-3-02, Concurrent Servicing Transfers
• A3-3-03, Other Servicing Arrangements
• A3-3-04, Document Custodians
• A3-3-05, Custody of Mortgage Documents
• A3-4-01, Confidentiality of Information
• A3-4-02, Data Quality and Integrity
• A3-4-03, Preventing, Detecting, and Reporting Mortgage Fraud
• A3-5-01, Fidelity Bond and Errors and Omissions Coverage Provisions
• A3-5-02, Fidelity Bond Policy Requirements
• A3-5-03, Errors and Omissions Policy Requirements
• A3-5-04, Reporting Fidelity Bond and Errors and Omissions Events
• A4-1-01, Maintaining Seller/Servicer Eligibility
• A4-1-02, Submission of Financial Statements and Reports
• A4-1-03, Report of Changes in the Seller/Servicer’s Organization
• A4-1-04, Submission of Irrevocable Limited Powers of Attorney
• B1-1-01, Contents of the Application Package
• B1-1-02, Blanket Authorization Form
• B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns
• B2-1.1-01, Occupancy Types
• B2-1.2-01, Loan-to-Value (LTV) Ratios
• B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios
• B2-1.2-03, Home Equity Combined Loan-to-Value (HCLTV) Ratios
• B2-1.2-04, Subordinate Financing
• B2-1.3-01, Purchase Transactions
• B2-1.3-02, Limited Cash-Out Refinance Transactions
• B2-1.3-03, Cash-Out Refinance Transactions
• B2-1.3-04, Prohibited Refinancing Practices
• B2-1.3-05, Payoff of Installment Land Contract Requirements
• B2-1.4-01, Fixed-Rate Loans
• B2-1.4-02, Adjustable-Rate Mortgages (ARMs)
• B2-1.4-03, Convertible ARMs
• B2-1.4-04, Temporary Interest Rate Buydowns
• B2-1.5-01, Loan Limits
• B2-1.5-02, Loan Eligibility
• B2-1.5-03, Legal Requirements
• B2-1.5-04, Escrow Accounts
• B2-1.5-05, Principal Curtailments
• B2-2-01, General Borrower Eligibility Requirements
• B2-2-02, Non–U.S. Citizen Borrower Eligibility Requirements
• B2-2-03, Multiple Financed Properties for the Same Borrower
• B2-2-04, Guarantors, Co-Signers, or Non-Occupant Borrowers on the Subject Transaction
• B2-2-05, Inter Vivos Revocable Trusts
• B2-2-06, Homeownership Education and Housing Counseling
• B2-2-07, First-Generation Homebuyer Loans
• B2-3-01, General Property Eligibility
• B2-3-02, Special Property Eligibility and Underwriting Considerations: Factory-Built Housing
• B2-3-03, Special Property Eligibility and Underwriting Considerations: Leasehold Estates
• B2-3-04, Special Property Eligibility Considerations
• B2-3-05, Properties Affected by a Disaster
• B3-1-01, Comprehensive Risk Assessment
• B3-2-01, General Information on DU
• B3-2-02, DU Validation Service
• B3-2-03, Risk Factors Evaluated by DU
• B3-2-04, DU Documentation Requirements
• B3-2-05, Approve/Eligible Recommendations
• B3-2-06, Approve/Ineligible Recommendations
• B3-2-07, Refer with Caution Recommendations
• B3-2-08, Out of Scope Recommendations
• B3-2-09, Erroneous Credit Report Data
• B3-2-10, Accuracy of DU Data, DU Tolerances, and Errors in the Credit Report
• B3-2-11, DU Underwriting Findings Report
• B3-3.1-01, General Income Information
• B3-3.1-02, Standards for Employment Documentation
• B3-3.1-03, Base Pay (Salary or Hourly), Bonus, and Overtime Income
• B3-3.1-04, Commission Income
• B3-3.1-05, Secondary Employment Income (Second Job and Multiple Jobs) and Seasonal Income
• B3-3.1-06, Requirements and Uses of IRS IVES Request for Transcript of Tax Return Form 4506-C
• B3-3.1-07, Verbal Verification of Employment
• B3-3.1-08, Rental Income
• B3-3.1-09, Other Sources of Income
• B3-3.1-10, Income Calculator
• B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower
• B3-3.2-02, Business Structures
• B3-3.2-03, IRS Forms Quick Reference
• B3-3.3-01, General Information on Analyzing Individual Tax Returns
• B3-3.3-02, Income Reported on IRS Form 1040
• B3-3.3-03, Income or Loss Reported on IRS Form 1040, Schedule C
• B3-3.3-04, Income or Loss Reported on IRS Form 1040, Schedule D
• B3-3.3-05, Income or Loss Reported on IRS Form 1040, Schedule E
• B3-3.3-06, Income or Loss Reported on IRS Form 1040, Schedule F
• B3-3.3-07, Income or Loss Reported on IRS Form 1065 or IRS Form 1120S, Schedule K-1
• B3-3.4-01, Analyzing Partnership Returns for a Partnership or LLC
• B3-3.4-02, Analyzing Returns for an S Corporation
• B3-3.4-03, Analyzing Returns for a Corporation
• B3-3.4-04, Analyzing Profit and Loss Statements
• B3-3.5-01, Income and Employment Documentation for DU
• B3-3.5-02, Income from Rental Property in DU
• B3-4.1-01, Minimum Reserve Requirements
• B3-4.1-02, Interested Party Contributions (IPCs)
• B3-4.1-03, Types of Interested Party Contributions (IPCs)
• B3-4.1-04, Virtual Currency
• B3-4.2-01, Verification of Deposits and Assets
• B3-4.2-02, Depository Accounts
• B3-4.2-03, Individual Development Accounts
• B3-4.2-04, Pooled Savings (Community Savings Funds)
• B3-4.2-05, Foreign Assets
• B3-4.3-01, Stocks, Stock Options, Bonds, and Mutual Funds
• B3-4.3-02, Trust Accounts
• B3-4.3-03, Retirement Accounts
• B3-4.3-04, Personal Gifts
• B3-4.3-05, Gifts of Equity
• B3-4.3-06, Grants and Lender Contributions
• B3-4.3-07, Disaster Relief Grants or Loans
• B3-4.3-08, Employer Assistance
• B3-4.3-09, Earnest Money Deposit
• B3-4.3-10, Anticipated Sales Proceeds
• B3-4.3-11, Trade Equity
• B3-4.3-12, Rent-Related Credits
• B3-4.3-13, Sweat Equity
• B3-4.3-14, Bridge/Swing Loans
• B3-4.3-15, Borrowed Funds Secured by an Asset
• B3-4.3-16, Credit Card Financing and Reward Points
• B3-4.3-17, Personal Unsecured Loans
• B3-4.3-18, Sale of Personal Assets
• B3-4.3-19, Cash Value of Life Insurance
• B3-4.3-20, Anticipated Savings and Cash-on-Hand
• B3-4.3-21, Borrower's Earned Real Estate Commission
• B3-4.4-01, DU Asset Verification
• B3-4.4-02, Requirements for Certain Assets in DU
• B3-5.1-01, General Requirements for Credit Scores
• B3-5.1-02, Determining the Credit Score for a Mortgage Loan
• B3-5.2-01, Requirements for Credit Reports
• B3-5.2-02, Types of Credit Reports
• B3-5.2-03, Accuracy of Credit Information in a Credit Report
• B3-5.3-01, Number and Age of Accounts
• B3-5.3-02, Payment History
• B3-5.3-03, Previous Mortgage Payment History
• B3-5.3-04, Inquiries: Recent Attempts to Obtain New Credit
• B3-5.3-05, Credit Utilization
• B3-5.3-06, Authorized Users of Credit
• B3-5.3-07, Significant Derogatory Credit Events — Waiting Periods and Re-establishing Credit
• B3-5.3-08, Extenuating Circumstances for Derogatory Credit
• B3-5.3-09, DU Credit Report Analysis
• B3-5.4-01, Eligibility Requirements for Loans with Nontraditional Credit
• B3-5.4-02, Number and Types of Nontraditional Credit References
• B3-5.4-03, Documentation and Assessment of a Nontraditional Credit History
• B3-6-01, General Information on Liabilities
• B3-6-02, Debt-to-Income Ratios
• B3-6-03, Monthly Housing Expense for the Subject Property
• B3-6-04, Qualifying Payment Requirements
• B3-6-05, Monthly Debt Obligations
• B3-6-06, Qualifying Impact of Other Real Estate Owned
• B3-6-07, Debts Paid Off At or Prior to Closing
• B3-6-08, DU: Requirements for Liability Assessment
• B4-1.1-01, Definition of Market Value
• B4-1.1-02, Lender Responsibilities
• B4-1.1-03, Appraiser Selection Criteria
• B4-1.1-04, Unacceptable Appraisal Practices
• B4-1.1-05, Disclosure of Information to Appraisers
• B4-1.1-06, Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP)
• B4-1.2-01, Appraisal Report Forms and Exhibits
• B4-1.2-02, Desktop Appraisals
• B4-1.2-03, Hybrid Appraisals
• B4-1.2-04, Appraisal Age and Use Requirements
• B4-1.2-05, Requirements for Verifying Completion and Postponed Improvements
• B4-1.3-01, Review of the Appraisal Report
• B4-1.3-02, Subject and Contract Sections of the Appraisal Report
• B4-1.3-03, Neighborhood Section of the Appraisal Report
• B4-1.3-04, Site Section of the Appraisal Report
• B4-1.3-05, Improvements Section of the Appraisal Report
• B4-1.3-06, Property Condition and Quality of Construction of the Improvements
• B4-1.3-07, Sales Comparison Approach Section of the Appraisal Report
• B4-1.3-08, Comparable Sales
• B4-1.3-09, Adjustments to Comparable Sales
• B4-1.3-10, Cost and Income Approach to Value
• B4-1.3-11, Valuation Analysis and Reconciliation
• B4-1.3-12, Appraisal Quality Matters
• B4-1.4-01, Factory-Built Housing: Manufactured Housing
• B4-1.4-02, Factory-Built Housing: Modular, Prefabricated, Panelized, or Sectional Housing
• B4-1.4-03, Condo Appraisal Requirements
• B4-1.4-04, Co-op Appraisal Requirements
• B4-1.4-05, Leasehold Interests Appraisal Requirements
• B4-1.4-06, Community Land Trust Appraisal Requirements
• B4-1.4-07, Mixed-Use Property Appraisal Requirements
• B4-1.4-08, Environmental Hazards Appraisal Requirements
• B4-1.4-09, Special Assessment or Community Facilities Districts Appraisal Requirements
• B4-1.4-10, Value Acceptance (Appraisal Waiver)
• B4-1.4-11, Value Acceptance + Property Data
• B4-2.1-01, General Information on Project Standards
• B4-2.1-02, Waiver of Project Review
• B4-2.1-03, Ineligible Projects
• B4-2.1-04, Environmental Hazard Assessments
• B4-2.1-05, Unacceptable Environmental Hazards
• B4-2.1-06, Remedial Actions for Environmental Hazard Assessments Below Standards
• B4-2.2-01, Limited Review Process
• B4-2.2-02, Full Review Process
• B4-2.2-03, Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects
• B4-2.2-04, Geographic-Specific Condo Project Considerations
• B4-2.2-05, FHA-Approved Condo Review Eligibility
• B4-2.2-06, Project Eligibility Review Service (PERS)
• B4-2.2-07, Projects with Special Considerations and Project Eligibility Waivers
• B4-2.3-01, Eligibility Requirements for Units in PUD Projects
• B4-2.3-02, Co-op Project Eligibility
• B4-2.3-03, Legal Requirements for Co-op Projects
• B4-2.3-04, Loan Eligibility for Co-op Share Loans
• B4-2.3-05, Geographic-Specific Co-op Project Considerations
• B5-1-01, High-Balance Mortgage Loan Eligibility and Underwriting
• B5-1-02, High-Balance Pricing, Mortgage Insurance, Special Feature Codes, and Delivery Limitations
• B5-2-01, Manufactured Housing
• B5-2-02, Manufactured Housing Loan Eligibility
• B5-2-03, Manufactured Housing Underwriting Requirements
• B5-2-04, Manufactured Housing Pricing, Mortgage Insurance, and Loan Delivery Requirements
• B5-2-05, Manufactured Housing Legal Considerations
• B5-3.1-01, Conversion of Construction-to-Permanent Financing: Overview
• B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions
• B5-3.1-03, Conversion of Construction-to-Permanent Financing: Two-Closing Transactions
• B5-3.2-01, HomeStyle Renovation Mortgages
• B5-3.2-02, HomeStyle Renovation Mortgages: Loan and Borrower Eligibility
• B5-3.2-03, HomeStyle Renovation Mortgages: Collateral Considerations
• B5-3.2-04, HomeStyle Renovation Mortgages: Costs and Escrow Accounts
• B5-3.2-05, HomeStyle Renovation Mortgages: Completion Certification
• B5-3.2-06, HomeStyle Renovation: Renovation Contract, Renovation Loan Agreement, and Lien Waiver
• B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties
• B5-3.4-01, Property Assessed Clean Energy Loans
• B5-4.1-01, Texas Section 50(a)(6) Loans
• B5-4.1-02, Texas Section 50(a)(6) Loan Eligibility
• B5-4.1-03, Texas Section 50(a)(6) Loan Underwriting, Collateral, and Closing Considerations
• B5-4.1-04, Texas Section 50(a)(6) Loan Delivery and Servicing Considerations
• B5-4.2-01, Native American Conventional Lending Initiative (NACLI)
• B5-4.2-02, Disaster-Related Limited Cash-Out Refinance Flexibilities
• B5-4.2-03, Loans Secured by HomePath Properties
• B5-5.1-01, Community Seconds Loans
• B5-5.1-02, Community Seconds Loan Eligibility
• B5-5.1-03, Community Seconds: Shared Appreciation Transactions
• B5-5.2-01, Loans With Resale Restrictions: General Information
• B5-5.2-02, Loans with Resale Restrictions: Eligibility, Collateral and Delivery Requirements
• B5-5.3-01, Shared Equity Overview
• B5-5.3-02, Shared Equity Transactions: General Requirements
• B5-5.3-03, Shared Equity Transactions: Eligibility, Underwriting and Collateral Requirements
• B5-5.3-04, Massachusetts Resale Restriction Loan Eligibility Requirements
• B5-6-01, HomeReady Mortgage Loan and Borrower Eligibility
• B5-6-02, HomeReady Mortgage Underwriting Methods and Requirements
• B5-6-03, HomeReady Mortgage Loan Pricing, Mortgage Insurance, and Special Feature Codes
• B5-7-01, High LTV Refinance Loan and Borrower Eligibility
• B5-7-02, High LTV Refinance Underwriting, Documentation, and Collateral Requirements for the New Loan
• B5-7-03, High LTV Refinance Alternative Qualification Path
• B5-7-04, High LTV Refinance Representations and Warranties
• B5-7-05, High LTV Refinance Pricing, Mortgage Insurance, and Special Feature Codes
• B6-1-01, General Government Mortgage Loan Requirements
• B6-1-02, Eligible FHA-Insured Mortgage Loans
• B6-1-03, Eligible VA-Guaranteed Mortgages
• B6-1-04, Eligible HUD-Guaranteed Section 184 Mortgages
• B6-1-05, Eligible RD-Guaranteed Mortgages
• B7-1-01, Provision of Mortgage Insurance
• B7-1-02, Mortgage Insurance Coverage Requirements
• B7-1-03, Lender-Purchased Mortgage Insurance
• B7-1-04, Financed Borrower-Purchased Mortgage Insurance
• B7-1-05, Government Mortgage Loan Guaranty or Insurance
• B7-2-01, Provision of Title Insurance
• B7-2-02, Title Insurer Requirements
• B7-2-03, General Title Insurance Coverage
• B7-2-04, Special Title Insurance Coverage Considerations
• B7-2-05, Title Exceptions and Impediments
• B7-2-06, Attorney Title Opinion Letter Requirements
• B7-3-01, General Property Insurance Requirements for All Property Types
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• C2-1.1-04, Mandatory Commitment Extensions and Pair-Offs
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• E-3-01, Acronyms and Glossary of Defined Terms: A
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• E-3-03, Acronyms and Glossary of Defined Terms: C
• E-3-04, Acronyms and Glossary of Defined Terms: D
• E-3-05, Acronyms and Glossary of Defined Terms: E
• E-3-06, Acronyms and Glossary of Defined Terms: F
• E-3-07, Acronyms and Glossary of Defined Terms: G
• E-3-08, Acronyms and Glossary of Defined Terms: H
• E-3-09, Acronyms and Glossary of Defined Terms: I
• E-3-10, Acronyms and Glossary of Defined Terms: J
• E-3-11, Acronyms and Glossary of Defined Terms: K
• E-3-12, Acronyms and Glossary of Defined Terms: L
• E-3-13, Acronyms and Glossary of Defined Terms: M
• E-3-14, Acronyms and Glossary of Defined Terms: N
• E-3-15, Acronyms and Glossary of Defined Terms: O
• E-3-16, Acronyms and Glossary of Defined Terms: P
• E-3-17, Acronyms and Glossary of Defined Terms: Q
• E-3-18, Acronyms and Glossary of Defined Terms: R
• E-3-19, Acronyms and Glossary of Defined Terms: S
• E-3-20, Acronyms and Glossary of Defined Terms: T
• E-3-21, Acronyms and Glossary of Defined Terms: U
• E-3-22, Acronyms and Glossary of Defined Terms: V
• E-3-23, Acronyms and Glossary of Defined Terms: W
• E-3-24, Acronyms and Glossary of Defined Terms: X
• E-3-25, Acronyms and Glossary of Defined Terms: Y
• E-3-26, Acronyms and Glossary of Defined Terms: Z

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Apartment for sale in Moscow

128 sqm apartment near the Kremlin with a view of Theatre Square

• 3 Bathrooms
• Contact for price

Apartment 76 sqm on the 34th floor in NEVA TOWER

Penthouse 284 sqm on Zvenigorodskoe highway

Apartment 108 sqm on Mytnaya street

• 2 Bathrooms

Apartment 193 sqm on the 52nd floor in Moscow City

4 room apartment 203 sqm in the house with a swimming pool

• 4 Bathrooms

3-room apartment 93 sqm near Belorusskaya metro station

2-room apartment 66 sqm on the 11th floor

3-room apartment 72 sqm in the elite Filevsky district

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3-room apartment on the 8th floor near Dinamo metro station

3-room apartment 105 sqm near VDNKh metro station

Penthouse 140 sqm on the 46th floor

• $4,700/one square meter

New residential complex Sky Garden in Moscow

• $15,000/one square meter

New residential skyscraper Capital Tower in Moscow City for investors

Penthouse 200 sqm with a terrace and a fireplace near Red Square

5 room apartment 457 sqm in the center of Moscow

Apartment overlooking the Kremlin and Red Square

Apartment on the 35th floor in the Triumph Palace

3-room apartment 177 sqm in Hyatt Regency

3-room apartment 123 sqm in Tverskoy district

Cheap apartment 42 sqm on the 28th floor

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5 room apartment 236 sqm in the center of Moscow

3-room apartment 158 sqm near the Kremlin

Apartment 170 sqm on the 36th floor

Apartment 72 sqm near metro Park Pobedy

3-room apartment in City Park residential complex

Apartment in the Mercury Tower / on the 43rd floor

Looking for apartments for buying in russia.

Choosing the neighborhood of your future residence is a task to be treated with diligence. Poor transport accessibility, a lacking infrastructure and unsatisfactory ecological parameters may noticeably dampen the joy a new property owner is sure to feel from their purchase. To help you avoid such a scenario, we have put together a short overview of the areas in Moscow where you may be considering the purchase of a home , complete with the pros and cons of each of the different locations:

Arbat District – the cultural and business center of Moscow. One of the most prestigious locations in the capital. It boasts a very good infrastructure and high transport accessibility. Unsurprisingly, the property costs here are the highest in Moscow. Despite its small size, the district contains around 10% of all of the capital’s new elite residential buildings, and apartments for sale make up 96% of the properties on the market in this neighborhood. The price of a square meter (3.28 sqft) for an apartment in a new building with penthouses is, on average, 12 000 USD, while the cost of the same in an old building is 9 000 USD. One can even find luxury condos with open terraces for sale in the area.

Kuntsevo District – a beautiful locality surrounded by vast areas of woodland and river beaches on the banks of Moskva River. A strong point of this neighborhood is its good environmental conditions. Brand new and modern residential compounds have been erected here. One square meter (3.28 sqft) of an apartment in a new housing complex in Kuntsevo District currently costs 3 000 USD.

Yakimanka District – one of the most interesting and prestigious areas of Moscow by popular opinion. It is packed full of well-known historic monuments, museums and large parks. The Yakimanka District changed drastically during the Soviet era: most of the centuries-old low-rise houses and mansions were completely demolished or restructured. By the beginning of the 1990’s, new residential and public complexes had already taken their place. Today, one can find condos for sale in Yakimanka’s new residential complexes for the average price of 11 000 USD per square meter (3.28 sqft). The price of a square meter in a Soviet era panel building is 4 000 USD.

Here in Russia’s capital we have our own skyscrapers – grouped together in the compound famously dubbed Moscow-City (the Moscow International Business Center). Many large corporations have their headquarters here. For 1 million US dollars you can purchase a 3-room apartment with a floor area of 607 sqft (185 m²) in one of the towers. This particular listing is located on the 25 th floor.

Where Can I Find Cheap Flats?

If you happen to be a student or if your budget is capped at 300 000 USD and you are looking for cheap condos for sale in Moscow, then the Mitino, Nekrasovka, Cheryomushki, Butovo and Novogireyevo Districts will best suit your needs. These neighborhoods each contain a great number of residential complexes inhabited by Moscow’s middle class. They also have everything one might need for a comfortable life: many schools, kindergartens, big supermarkets, public pools, hospitals, etc. One of Moscow’s Metro stations is also usually just a short walk away. The minimum price of a furnished studio flat in a location within the Moscow Ring Road (a.k.a. MKAD) is currently 100 000 USD.

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Suze Orman Isn't Wasting Money On Insurance For Her Condo – 'I'm Not Paying $28,000 A Year When The Insurer Will Probably Contest Any Claim'

Suze Orman , the finance guru known for her sharp advice, has a bone to pick with home insurance companies. At 72, she's decided enough is enough for the wild costs of insuring her Florida beachfront condo – and she's speaking out.

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In an interview with DailyMail.com, Orman said she's been quoted $28,000 yearly for home insurance on her 2,100-square-foot Florida condo. Let that sink in for a second. "$28,000 for a 2,100-square-foot condo. Are you kidding me?" she said, shocked by the price tag.

Luckily for Orman, she can self-insure, meaning she doesn't need the policy. But her worry? Most Americans aren't in the same boat, and she's worried this insurance crisis could push the American dream of homeownership even further out of reach.

Trending: Founder of Personal Capital and ex-CEO of PayPal re-engineers traditional banking with this new high-yield account — start saving better today.

Orman didn't hold back, explaining how climate change is wreaking havoc not just on the environment but on our wallets too. "Climate change is going to make a big difference in people's desire to own their own home," she said. "Look at what's happening in Southern California. Look at the devastating hurricanes that are coming to places where hurricanes weren't so prevalent before."

And the numbers back her up. The National Oceanic and Atmospheric Administration (NOAA) reported 28 billion-dollar natural disasters across the U.S. last year. As you'd expect, this has sent insurance costs soaring . According to the National Association of Realtors, the average home insurance premium is now $2,377 a year – and rising. Homeowners can expect to pay 6% more by the end of the year.

In Florida, NAR reports the average insurance price to be around $11,700 for 2024 . According to their estimates, Louisiana homeowners can expect to pay close to $8,000 by the end of the year. "It's possible that the highest-risk areas will become uninsurable," says Betsy Stella, vice president of Carrier Management and Operations at Insurify, as rising risks make coverage increasingly difficult to obtain.

See Also: Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you .

Orman warns that if these insurance prices keep climbing, many will think twice about homeownership. "Real estate is unpredictable. I never would have thought to advise homebuyers, ‘Oh, you better make sure you can afford a quadrupling of property insurance in the future,'" she added.

For many homeowners, though, there's no escaping these costs. If you're buying a home with a mortgage, you can't close the deal without insurance. Orman, however, owns her condo outright, so she can opt out. Her choice? Skip the $28,000 a year premium. "I'm not paying $28,000 a year when the insurer will probably contest any claim I get anyway," she said bluntly.

Wildfires, floods, and tornadoes are occurring more often, forcing insurers to raise premiums or leave the game altogether. Allstate recently approved a 34% increase for California homeowners, taking effect in November. In June, State Farm increased rates in the state by 30%.

Trending: The average American couple has saved this much money for retirement — How do you compare ?

So, what's the take-away here? Orman's got a point. Climate change, rising repair costs, and an under-pressure insurance industry are reshaping what owning a home in America means. And while Orman has the means to skip the insurance headache , many others don't. As she warns, the dream of owning a home might get much more complicated – and expensive.

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This article Suze Orman Isn't Wasting Money On Insurance For Her Condo – 'I'm Not Paying $28,000 A Year When The Insurer Will Probably Contest Any Claim' originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IMLS does not assume any liability for missing or inaccurate data. Information provided by IMLS is deemed reliable but not guaranteed.

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New York Consul General Tom Clark says he 'had no role' in purchase of luxury condo

'i had no role whatsoever in either deciding to sell the former residence or buying the new one,' clark said.

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Canada's Consul General in New York Tom Clark has dismissed the suggestion that he was involved in the decision to buy a new luxury apartment to serve as his official residence in the city, or to sell the old one.

"I had no role whatsoever in either deciding to sell the former residence or buying the new one," Clark told a parliamentary committee by video conference Thursday. "That was completely undertaken by the property bureau in Ottawa."

Conservative MP Larry Brock confronted Clark with an internal email between Global Affairs Canada (GAC) officials dated June 17 providing an update on the property purchase.

In that email, the official said both Clark and the consulate staff in New York had been "instrumental throughout this process" and that Clark himself had provided "the greenlight for the selection of the new residence."

Clark, a veteran broadcaster who took up the job in New York in 2023, said that email was wrong and has since been corrected.

"That was a person who was not involved in the process of this," he said. "I only became aware of this email 48 hours ago. I too was taken aback by what was in it because it was simply wrong. It wasn't true."

• Tom Clark, Mélanie Joly not involved in purchase of $9M NY condo, committee told
• Officials didn't need Treasury Board approval to buy $9M New York apartment, committee told
• Canada lists old NYC residence for $13M, surpassing cost of new luxury condo

NDP MP Taylor Bachrach pressed Clark on the corrected email, asking him why an official would write a memo that was false.

Clark replied that he also was surprised "that something would be written that is so completely wrong."

The committee then agreed to call the GAC official who wrote the email to appear before them at a later date to answer questions.

A controversial purchase

In previous meetings of the committee , multiple senior officials from GAC said Clark did not offer advice or have any role in the purchase of the new residence. They also said he was not made aware of the apartments GAC was considering as a replacement.

"This was a smart acquisition. This was actually a process that was sound, policy compliant, well-documented and exempt from any influence, including from Mr. Clark," Stéphane Cousineau, senior assistant deputy minister at Global Affairs Canada (GAC), told MPs last month.

Since the purchase of the $9 million apartment became public in July, it has been criticized by Conservative MPs as overly lavish in light of the cost of living challenges facing Canadians.

Conservative MPs have repeatedly claimed the purchase was made to provide a perk to Prime Minister Justin Trudeau's "media buddy" Clark, a veteran broadcaster.

Previous testimony by GAC officials indicated the new apartment is 50 per cent cheaper to run annually and cost $4 million Cdn less than the old residence's recent list price.

GAC officials previously told the committee that the five bedroom apartment at 550 Park Avenue that had served as the official residence since 1961 was no longer suitable.

• Canada selling one New York apartment to cover cost of new $9M condo
• House committee to investigate purchase of Canada's new $9M condo in NYC

Officials said they considered renovating the current residence at a cost of $2.6 million, leasing a suitable unit, or purchasing a new apartment. GAC officials told the committee last month the decision to buy a new residence will save taxpayers more than $7 million over the lifetime of the unit.

During his appearance, Clark said that since becoming consul general he has hosted 38 official functions in the residence, including a recent event where the governor of New Jersey was invited in advance of his trade mission to Canada.

Clark said that diplomatic dinners could not be hosted in the consulate's New York offices because it does not have a working kitchen and installing one would be against the city's bylaws.

ABOUT THE AUTHOR

Senior writer

Peter Zimonjic is a senior writer for CBC News. He has worked as a reporter and columnist in London, England, for the Telegraph, Times and Daily Mail, and in Canada for the Ottawa Citizen, Torstar and Sun Media. He is the author of Into The Darkness: An Account of 7/7, published by Random House.

Related Stories

'Keep your bags packed': Consul general grilled over $9M NYC condo purchase

Consul general to New York Tom Clark says he had “no role whatsoever” in the purchase of his new official residence in Manhattan that cost $9 million and sparked political attention over the summer.

“I had no role whatsoever in either deciding to sell the former residence or buying the new one. That was completely undertaken by the property bureau in Ottawa,” Clark testified to a House of Commons committee on Thursday. “I was not involved in the selection of the new property, its amenities or its location.”

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This is the first time Canadians are hearing from Clark after reports emerged in July that the federal government had bought a new piece of luxury real estate for him to live in. The condo is at Steinway Tower, known as the world's thinnest skyscraper and located on "Billionaire's Row" in Manhattan.

The federal government has said Canada's former Manhattan residence was last renovated in 1982 and required significant upgrades that were estimated to cost $2.6 million. Officials have also contended that buying the new residence will save Canadian taxpayers millions of dollars and reduce maintenance costs.

But the Conservatives have argued that the new condo is another example of the Liberal government putting its elite friends before Canadians. On Thursday, testimony between Clark and Conservative members of the committee got heated at times.

“Did you ever take a moment, as someone who spent a career in journalism, to question the prime minister or anyone on the opulence of this location amid the backdrop of the cost of living crisis that we're facing here in Canada?” Conservative ethics critic Michael Barrett asked Clark on Thursday.

“I am well aware of the challenges being faced by both Canadians and Americans when it comes to housing,” Clark responded. “In this case, I was not involved in any way shape or form in the decision to buy this new residence or sell the old residence.”

Barrett later told Clark to “keep your bags packed in that new place. Conservatives are going to fire you.”

MPs also repeatedly pushed Clark on his potential involvement in the purchase.

Conservative MP Larry Brock referred to an internal email between Global Affairs Canada officials dated on June 17 that said Clark was “instrumental throughout this process” and gave “the greenlight for the selection of the new residence.”

“It is in writing by the department. Tom Clark, you sir, were instrumental in the condo purchase on billionaire’s row,” Brock said.

In response, Clark said the email was wrong and was written by someone who was not involved in the process.

“I only became aware of this email less than 48 hours ago. I too was taken aback by what was in it because it was simply wrong,” Clark said. 

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The opposition also pushed Clark on a visit Prime Minister Justin Trudeau made to New York City in April 2023.

“When did you first bring (the residence) up with the Prime Minister?” Conservative MP Stephanie Kusie asked Clark. “The chronological timeline would definitely indicate that you had conversations with the Prime Minister about the residence.”

Clark responded to the accusation, saying “unequivocally, no.”

“It's completely wrong. I never spoke with the prime minister about the old residence or the new residence or any residence.”

Kusie then fought back, saying “why don’t we just stop the lying.”

“When we get to the point of accusing people of lying, I think that we are in very, very dangerous territory here,” Clark responded.

In his testimony, Clark also described the role and importance of the official residence of the consul general of New York, saying he has hosted 38 events there since he was appointed in February 2023.

“I think that we have to understand that while our friends are our friends in the G20 and the G7, they're also our competitors here in places like New York,” Clark said. “They're after the same pie that I'm after.”

In August, a senior Global Affairs Canada official told MPs that Clark had no influence on the government’s decision to buy the new property.

"There was no influence from Mr. Clark. He was not involved in the consultation or decision process," senior assistant deputy minister at Global Affairs Canada Stéphane Cousineau told the committee on Aug. 22.

Clark was invited to appear on Aug. 26, but Global Affairs Canada told CTV News then that he was “unavailable on the date initially proposed.”

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On Thursday, Clark clarified that he was not able to testify in August because he was on leave to spend time with his family.

The committee also passed a motion on Thursday to call upon Foreign Affairs Minister Melanie Joly to testify on the matter before Thanksgiving.

The former official residence is currently listed for $13 million .

Clark was appointed Canada’s consul general in New York in 2023. He previously worked for more than forty years as a broadcast journalist for several organizations, including CTV News and Global News.

With files from CTV News' Rachel Aiello 

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