Buying your first home should be an exciting time, but it often becomes a daunting
process to deal with. Some buyers may find themselves lost in all the paperwork,
financing, and legal issues involved. Not to mention the fact that with little experience,
they end up paying high prices for homes that don't really match what they are looking
AssignIt.ca is here to help buyers find their perfect condo unit, and help guide
them through the buying process. Through an assignment sale, the savvy end user
can pick up brand new condo units before registration. In this way, buyers have
been saving time and thousands of dollars. With our alternative Assignment Listing
Service and our team of Assignment Professionals, buyers will have the opportunity
to find exclusive assignment properties for sale and learn more about condominium
assignments, which is the fastest growing sector in the real estate market.
Traditionally, most buyers will go with their realtor to the developer to buy a
pre-sale condo unit, or they will have them do a search on the MLS (Multiple Listing
Service) for a resale. The problem is that buyers are missing out on assignment
opportunities where condo units are going for much less than pre-sale and resale
prices. By choosing to work with an Assignment Professional, members will be able
to search through thousands of exclusive properties on the ALS that are comparatively
cheaper than their MLS counterparts. Their Assignment Professional will help them
put in their offer, negotiate contract conditions and close the assignment transaction.
In addition, members will also be able to work with our real estate lawyers, mortgage
specialists and property management consultants that specialize in condominium assignments.
At AssignIt.ca, we are here to guide you through this sophisticated method of buying
real estate. Having completed numerous transactions in an increasingly proficient
manner, we can offer you the support and give you the peace of mind that you deserve.
Everyone on the team has dedicated their time and efforts to bring assignments to
the forefront of the real estate market. We're all here to help buyers just like
you search for a home that fits your personality and lifestyle needs. It doesn't
have to be complicated. Sign up and let us make it easy for you.
An Assignment is a legal sales transaction whereby the Original Purchaser (the "Assignor")
of a property sells, and thereby transfers, their interest and obligations under
the original contract to a new Purchaser (the "Assignee"). This assignment
takes place during interim occupancy. The "Assignee" will assume all of
the "Assignor's" duties and obligations under the original Purchase &
Sale Agreement. These rights and obligations are stated in the original Purchase
& Sale Agreement and include terms such as payments of mortgage, taxes and maintenance
fees during interim occupancy. Upon Completion, the "Assignee" is granted
the Title to the real property.
Not surprisingly, many buyers have been confronted with the complexity of understanding
an assignment or not even heard of the term. Let's remember, the developers have
usually been in charge of the assignment paperwork and they have little interest
in selling something that they have already sold. Buyers should not be misled to
believe that they would have more security by going directly to the developer. What
they don't realize, is that when they purchase an assignment, they are still purchasing
a unit from the developer with the same rights and conditions.
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Buyers, who have educated themselves on the assignment process, benefit from the
fact that they can buy new for less than re-sale and pre-sale pricing. They may
also benefit from saving on taxes, such as GST, Land Transfer and City Tax not to
mention the double taxation that takes place when they buy re-sale. Buying assignment
means buying new which means they benefit from the 7 year Tarion Warranty Program.
These elements are the key reasons why more and more buyers are taking advantage
of Assignment opportunities. They realize they are buying for less and getting more!
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In terms of savings, buyers have been purchasing assignments for less than re-sale
and they own a new, never been lived in Condominium with a 7 year warranty. Because
of the complexity of an assignment sale and the difficulties imposed on the original
purchasers, assignments have in the past not achieved the notoriety that was deserved.
Now that The Assignment Listing Service has been released with the cooperation of
Realtors, it is only now getting the exposure that it required.
With the increasing popularity of assignments in Canada, we saw the opportunity
to educate and provide support for buyers who are interested in this niche market.
Assignments are predicted to grow at a faster pace than re-sale.
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With the costs of building materials and labour going up, and the traditional system
of New Home Sales, Assignments are predicted to out sell Developers remaining unsold
units. Pricing has increased dramatically since opening day and investors whom have
found themselves over leveraged have been forced to reduce pricing accordingly.
Developers on the other hand are hard pressed to reduce their pricing because of
increased construction costs.
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As a Buyer with AssignIt.ca, you will have the opportunity to: