Selling can be a time of uncertainty and it can become an often stressful transition.
Without the right people and support, sellers may find themselves lost in a competitive
market. Their property has little to no exposure and they cannot make contact with
those buyers that are actively seeking for new properties to purchase.
At AssignIt.ca we offer sellers an alternative through assignment. Traditionally,
sellers that were motivated to sell were forced to wait months until Final Closing
before they could put their condo units on the open market. Now there is relief
in assignments, whereby sellers can transfer their property rights during or before
Interim Occupancy. This way, sellers can avoid paying hefty carrying and closing
costs, helping them get their deposits back and save them from the double taxation.
Condominium assignments are relatively new in the market, but sellers who have been
taking the time to learn about them have been reaping the rewards. Saving time and
maximizing their profits.
With the Assignment Listing Service (ALS), sellers have an opportunity to showcase
their units for thousands of potential buyers to see. By posting on the ALS, their
units will have exposure and when an offer is presented for their unit, our Assignment
Professional will navigate them through contract negotiations and close the assignment
Sellers will also have additional features such as Bid/Auctions, where they can
create some excitement to sell their unit quickly and have fun in the process.
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.
Our goal is to get your unit sold and everything we do serves this objective. Having
completed numerous transactions in an increasingly proficient manner, we can offer
you the peace of mind and security that you deserve. Everyone on the team has dedicated
their time and efforts to bring assignments to the forefront of the real estate
market. 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 or before 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 and will incur all final closing costs.
An Assignment fee may be charged by the Developer and is normally a cost borne by
the "Assignor" (the Original Purchaser).
Back to Top
Sellers who are motivated to sell right away benefit from the fact that they don’t
have to wait for Final Closing to get their deposits back. They also save on all
the taxes, Final Closing Costs and Monthly Interim Occupancy fees. These elements
are the key reasons why more and more sellers are posting with assignit.ca. They
know they are saving time and maximizing their profits
Back to Top
In terms of profit, some owners think it would be better to wait and sell their
unit on the open market for a higher price. However, they may have forgotten about
the costs involved in closing their unit. On average, closing costs have been $15000
including provincial land tax, city tax and education levies along with Tarion Warranty
fees, legal fees, hook-ups, disbursements and adjustments not to mention a host
of additional fees that the developers are conveniently adding. Most have no idea
that they have signed an agreement which allows for these provisions. A large portion
of these fees would be waived to the end user (assignee) as it would be their primary
residence, since they are taking over your position, even the land transfer tax
in many cases. If they buy from you after final closing this fee will be paid again
by them, limiting their price point.
You are also paying the Interim Occupancy fees (mortgage, tax and maintenance) up
until the final closing. Lets not forget to mention the waiting time, some buildings
can take up to 10 months to close on average, $1600 per month or $16,000 over the
Interim Occupancy Period. For owners not planning to move in to the units themselves,
this can cut into profits or even their downpayments. By the end of it, they’ve
paid more in closing costs and carrying costs than the difference between the resale
and assignment sale price.
Back to Top
The most common question we have been getting is “Can I legally assign my unit?”
For the most part, developers will give consent to allow for assignments. In fact
in the past three years we have yet to run into this difficulty. When and if this
happens, we have a plan “B”. Trust in us and let us do what we do best, our job!
Back to Top
When posting on AssignIt.ca, you pay an immediate fee of $500 to add your unit to
our ALS and then negotiate the selling commission if the unit sells through an agent.
Click here to find out more on posting.
In general, a listing refers to an agreement between an licensed agent and a client
who is proposing to sell their property. The listing agreement outlines the period
of time the agent will represent their client, the asking price, the conditions
and clauses regarding the sale and the agent's commission. Click here to find out
more on listing.
Back to Top
As a Seller with AssignIt.ca, you will have the opportunity to: