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Assignment Sales are available throughout many areas, here are some of the areas in Ontario to explore.

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Colgan Crossing

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List of Detached House Assignment on Colgan Crossing (2024)

Detached house assignments have become an increasingly famous investment opportunity in the real estate market. The real estate market is frequently growing, and with it comes creative ways for buyers and sellers to engage in property transactions. Detached house assignments have appeared as a fascinating option for those seeking to invest in  the Colgan Crossing Assignment Sale , a thriving community known for its desirable location and abundant amenities.

The detached house assignment on Colgan Crossing  may sound like some fancy financial terminology, but fear not; it is quite simple. In simple words, an assignment is when someone sells their right to buy a property before they take ownership of it. So, instead of buying a house or condo directly from a developer or builder, you are purchasing someone else’s contract to buy that property. It is like being the VIP who gets first dibs on the hottest ticket in town.

buy assignment on Colgan Crossing specifically refers to the sale of the right to purchase a standalone house before it is completed. It’s like playing the real estate game on expert mode – you get to snatch up a dream home before it’s even built.

Now, what’s in it for you? Investing in a detached home assignment comes with some pretty sweet advantages. 

• First and foremost, you get the opportunity to buy a brand-new, high-quality house without the hassle of construction delays. No need to stress about dealing with contractors or waiting for paint to dry – your dream home is ready and waiting for you.
• Another perk is the potential for some serious ROI (Return on Investment). Since you are buying the right to purchase at an earlier stage, you have the chance to ride the wave of appreciation. 
• If the market is on fire, your investment could turn into a gold mine in no time. Plus, you get to customize your home with personal touches before it’s even finished. It’s like getting to choose the toppings on your pizza before it goes in the oven – extra cheese!
• You will have peace of mind knowing that your new home is built with the latest technology and modern features. It’s like having a smartphone with all the latest apps – you will be the envy of your tech-savvy friends.

Now, let’s dive into the nitty-gritty of how  sell assignment on Colgan Crossing  work. Brace yourself for some legal and financial jargon – just kidding! We’ll make sure it’s as easy to understand as ordering a pizza.

How Do Detached House Assignments Work?

When you decide to  buy a detached house assignment , you will enter into an agreement with the original buyer (assignor) who wants to sell their right to purchase the property. You will then step into their shoes and take over their contract with the builder. It’s like getting a front-row ticket to a concert and swapping places with the person who couldn’t make it – lucky you!

Legal and Financial Considerations

Of course, there are some legal and financial factors to consider when diving into the world of detached house assignments. You will want to make sure you have a solid understanding of the agreement you’ll be entering into, including any rights and obligations. It is essential to work with a real estate lawyer who can guide you through the process and ensure you are making a sound investment.

Additionally, you will be required to arrange financing to complete the purchase. This might involve securing a mortgage or paying cash, depending on your financial situation. It’s essential to have all your ducks in a row before embarking on this exciting real estate journey.

So, there you have it – a crash course on detached house assignments, an introduction to Colgan Crossing, the perks of investing, and a peek into the assignment process. Now, armed with this newfound knowledge, you are ready to make some savvy real estate moves. 

Exploring a detached house assignment in Colgan Crossing can be an enticing investment opportunity. With its benefits such as the potential for higher returns and the ability to enter the housing market at a lower cost, it is worth considering. 

However, it is crucial to thoroughly understand the assignment process, conduct careful research, and evaluate the potential risks involved. You can make an informed decision about whether a detached house assignment in Colgan Crossing aligns with your investment goals and financial situation. 

Remember to weigh the advantages and disadvantages before embarking on this exciting real estate venture.

Don’t know where to start ? Contact Our Team!

Nobody knows the assignment market in the GTA and southern Ontario better than me. Whether you’re looking to buy or sell, I promise to work hard on your behalf to ensure you get the best deal possible.

Sean Bhairo is a data-driven CPA and Sales Representative. Sean understands that buying or selling a home is one of the largest investment decisions you will make, and his goal is to leverage his skillset and experiences to help support these decisions.

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Navigating Real Estate Assignment Sales in Ontario

The real estate landscape in the Greater Toronto Area (GTA) is constantly evolving, and for those in pursuit of the perfect property, understanding the nuances of assignment sales can be a game-changer. In this guide, we'll delve into key questions about assignment sales in Ontario and introduce you to the easiest way to discover these opportunities — the Listo platform.

1. What are assignment listings?

Assignment listings present a unique opportunity for prospective homebuyers. An assignment sale occurs when a current homeowner sells their pre-construction property before it is officially completed. The buyer (assignee) steps into the shoes of the original purchaser, assuming the rights and obligations of the initial contract. This arrangement allows for flexibility in ownership and often comes with its own set of advantages.

2. How does assignment sale work in Ontario?

Understanding the intricacies of assignment sales in Ontario is vital for anyone considering this path. Please feel free to get in touch with Listo, and one of our capable real estate agents can walk you through the process.

3. Where to find assignment listings in Ontario?

At listo, we've tried to make it easy to discover assignment sales across various regions in Ontario —  Listo .

Assignment sales by areas:

Assignment sales by neighborhoods:.

• Richmond Hill
• Whitchurch-Stouffville
• East Gwillimbury
• Georgina Islands
• Mississauga

4. List Your Own Assignment Sale for Free on Listo

You can easily list/post your own assignment sale for free on Listo by visiting the following link:  List Your Property .

In the upcoming sections, we'll further explore the unique features of Listo and how you can leverage this platform to make the most of your real estate journey.

Stay tuned for valuable insights!

Harman Shahi

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10 Essential Things to Know About Real Estate Assignment Sales (for Sellers)

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

What’s an assignment?

An assignment is when a Seller sells their interest in a property before they take possession – in other words, they sell the contract they have with the Builder to a new purchaser. When a Seller assigns a property, they aren’t actually selling the property (because they don’t own it yet) – they are selling their promise to purchase it, along with the rights and obligations of their Agreement of Purchase and Sale contract.  The Buyer of an assignment is essentially stepping into the shoes of the original purchaser.

The original purchaser is considered to be the Assignor; the new Buyer is the Assignee. The Assignee is the one who will complete the final sale with the Builder.

Do assignments only happen with pre-construction condos?

It’s possible to assign any type of property, pre-construction or resale, provided there aren’t restrictions against assignment in the original contract. An assignment allows a Buyer of a any kind of home to sell their interest in that property before they take possession of it.

Why would someone want to assign a condo?

Often with pre-construction sales, there’s a long time lag between when the original contract is entered into, when the Buyer can move in (the interim occupancy period) and the final closing. It’s not uncommon for a Buyer’s circumstances to change during that time…new job out of the city, new husband or wife, new set of twins, etc. What worked for a Buyer’s lifestyle 4 years ago doesn’t always work come closing time.

Another common reason why people want to assign a contract is financial. Sometimes, the original purchaser doesn’t have the funds or can’t get the financing to complete the sale, and it’s cheaper to assign the contract to a new purchaser, than it is to renege on the sale.

Lastly, assignment sales are also common with speculative investors who buy pre-construction properties with no intention of closing on them. In these cases, the investors are banking on quick price appreciation and are eager to lock in a profit now, vs. waiting for the original closing date.

What can be negotiated in an assignment sale?

Because the Assignee is taking over the original purchaser’s contract, they can’t renegotiate the price or terms of the contract with the Builder – they are simply taking over the contract as it already exists, and as you negotiated it.

In most cases, the Assignee will mirror the deposit that you made to the Builder…so if you made a 20% deposit, you can expect the new purchaser to do the same.

Most Sellers of assignments are looking to make a profit, and part of an assignment sale negotiation is agreeing on price. Your real estate agent can guide you on price, which will determine your profit (or loss).

Builder Approval and Fees

Remember that huge legal document you signed when you made an offer to buy a pre-construction condo? It’s time to take it out and actually read it.

Your Agreement of Purchase & Sale stipulated your rights to assign the contract. While most builders allow assignments, there is usually an assignment fee that must be paid to the Builder (we’ve seen everything from $750 to $7,000).

There may be additional requirements as well, the most common being that the Builder has to approve the assignment.

Marketing Restrictions

Most pre-construction Agreements of Purchase & Sale from Toronto Builders do not allow the marketing of an assignment…so while the Builder may give you the right to assign your contract, they restrict you from posting it to the MLS or advertising it online. This makes selling an assignment extremely difficult…if people don’t know it’s available for sale, how they can possibly buy it?

While it may be very tempting to flout the no-marketing rule, BE VERY CAREFUL. Buyers guilty of marketing an assignment against the rules can be considered to have breached the Agreement, and the Builder can cancel your contract and keep your deposit.

We don’t recommend advertising an assignment for sale if it’s against the rules in your contract.

So how the heck can I find a Buyer?

There are REALTORS who specialize in assignment sales and have a database of potential Buyers and investors looking for assignments. If you want to be connected with an agent who knows the ins and outs of assignment sales, get in touch…we know some of the best assignment agents in Toronto.

What are the tax implications of real estate assignment?

Always get tax advice from a certified accountant, not from the internet (lol).

But in general, any profit made from an assignment is taxable (and any loss can be written off). The new Buyer or Assignee will be responsible for paying land transfer taxes and any HST that might be due.

How much does it cost to assign a pre-construction condo?

In addition to the Builder assignment fees, you will likely have to pay a real estate commission (unless you find the Buyer yourself) and legal fees. Because assignments are more complicated, you can expect to pay higher legal fees than you would for a resale property.

How does the closing of an assignment work?

With assignment sales, there are essentially 2 closings: the closing between the Assignor and the Assignee, and the closing between the Assignee and the Builder. With the first closing (the assignment closing) the original purchaser receives their deposit + any profit (or their deposit less any loss) from the Assignee. On the second closing (between the Builder and the Assignee), the Assignee pays the remaining amount to the Builder (usually with the help of a mortgage), and pays land transfer taxes. Title of the property transfers from the Builder to the Assignee at this point.

I suppose it could be said that there is a third closing too, when the Buyer takes possession of the property but doesn’t yet own it…this is known as the interim occupancy period. The interim occupancy occurs when the unit is ready to be occupied, but not ready to be registered with the city. Interim occupancy periods in Toronto range from a few months to a few years. During the interim occupancy period, the Buyer occupies the unit and pays the Builder an amount roughly equal to what their mortgage payment + condo fees + taxes would be. The timing of the assignment will dictate who completes the interim occupancy.

Assignments vs. Resale: Which is Better?

We often get calls from people who are debating whether they should assign a condo they bought, or wait for the building to register and then sell it as a typical resale condo.

Pros of Assigning vs. Waiting

• Get your deposit back and lock in your profit sooner
• Avoid paying land transfer taxes
• Avoid paying HST
• Maximize your return if prices are declining and you expect them to continue to decline
• Lifestyle – sometimes it just makes sense to move on

Cons of Assigning vs Waiting

• The pool of Buyers for assignment sales is much smaller than the pool of Buyers for resale properties, which could result in the sale taking a long time, getting a lower price than you would if you waited, or both.
• Marketing restrictions are annoying and reduce the chances of finding a Buyer
• Price – What is market value? If the condo building hasn’t registered and there haven’t been any resales yet, it can be difficult to determine how much the property is now worth. Assignment sales tend to sell for less than resale.
• Assignment sales can be complicated, so you want to make sure that you’re working with an agent who is experienced with assignment sales, and a good lawyer.

Still thinking of assignment your condo or house ? Get in touch and we’ll connect you with someone who specializes in assignment sales and can take you through the process.

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Raj Singh says:

What can be things to look for, especially determining market value for an assigned condo? I’m the assignee.

Sydonia Moton says:

Y would u need a lawyer when u buy a assignment property

Gideon Gyohannes says:

Good clear information!

Who pays the assignment fee to the developer? Assignor or Assignee?

Thanks Gideon 416 4591919

Melanie Piche says:

It’s almost always the Seller (though I suppose could be a point of negotiation).

Fiona Rourke says:

If there are 2 names on the agreement and 1 wants to leave and the other wants to remain… does the removing of 1 purchaser constitute an assignment

Brendan Powell says:

An assignment is one way to add or remove people from a contract, but not the only way…and not the simplest. Speak to your lawyer for advice on what makes the most sense for your specific situation. For a straightforward resale purchase you could probably just do an amendment signed by all parties. If it’s a preconstruction purchase with various deposits paid, etc it could be more complicated.

Katerina says:

Depends on the Developer. Some of them remove names via assignments only.

Haroon says:

Is there any difference in transaction process If assigner or seller of a pre constructio condo is a non resident ? Is seller required to get a clearance certificate from cRA to complete the transaction ?

Nathalie says:

Hello , i would like to know the exact steps for reassignment property please.

Amazing info. Thanks team. I may just touch base with you when my property in Stoney Creek is completed in. 2020. I may need to reassign it to someone Thanks

Victoria Bachlowa says:

If an assignor renegs on the deal and refuses to close because they figured out they could get more money and the assignment was already approved by the builder and all conditions fulfilled what can the Assignee do. I have $33,000 dollars in trust in the real estate’s trust fund. They sent me a mutual release which I have not signed. The interim occupancy is Feb. 1 and the closing is schedule for Mar. 1, 2019. I have financing in place, was ready to move in Feb. 1 and I have no where to live.

Definitely talk to your lawyer right away. They’ll want to look at your agreement of purchase and sale and will be able to advise you.

With assignment sales, there are essentially 2 closings: the closing between the Assignor and the Assignee, and the closing between the Assignee and the Builder. With the first closing (the assignment closing) the original purchaser receives their deposit + any profit (or their deposit less any loss) from the Assignee. Can I assume that these closing happen at the same time? I’m not sure how and when I would be paid as the Assignor.

What happens to the deposits or any profits already paid if the developer cancels the project after an assignment?

Hi, Did you get answer to this? I did an assignment sale last year and now the builder is not completing apparently and they are asking for their money back. Can they do that? After legal transactions, the lawyer simply said “the deal didn’t go through”. Apparently builder and the person who assumed the assignment agreed on taking out the deal. What do I have to pay back after it was done a year ago

This is definitely a question for your lawyer – as realtors we are not involved in that part of the transaction. I would expect that just as the builder would have to refund your deposits, you would likely need to do the same…but talk to your lawyer. As to whether the builder can cancel a project, yes they always reserve that right (but the details of how and under what circumstances would be in your original purchase agreement). It’s one of the annoying risks in buying preconstruction!

I completed the sale of my assignment in Dec 2015 however the CRA says I should be reporting the capital income in 2016 when the assignee closed his deal with the developer in July 2016. That makes no sense to me since I got all my money in Dec 2015. Can you supply any clarification on that CRA policy please?

You’d have to talk to the CRA or an accountant – we’re real estate agents,so we can’t give tax advice.

Hassan says:

Hello, You said that there are two closings. The first one between the assignor and the assignee and the second one between the builder and the new buyer (assignee). My question is that in the first closing does the assignee have to pay the assignor the deposit they have paid and any profit in cash or will the bank add this to the assignee’s mortgage?

The person doing the assigning usually gets their money at the first closing.

Kathy says:

What is the typical real estate free to assign your contract with the builder ?

Hi Kathy While we do few assignments (as they are rarely successful, and builders do not make it easy), in past we have charged more or less the same as we do for a typical resale listing. While there are elements to assignments that should be easier than a resale (eg staging), many other aspects of assignments are much MORE time-consuming, and the risk much higher since attempts to find a buyer for assignments are often unsuccessful. It’s also important to note that due to the extra complication, lawyer’s fees to assign are typically higher than resale as well–although more $ for the purchase side vs the sale side.

Mitul Patel says:

If assignee has paid small amount of deposit plus the original 25% deposit that the assignor has paid to the builder and gets the Keys to the unit since interim possession has been completed, when the condo registration is done and assignee is getting mortgage from the Bank or Pays the remaining balance to the Builder using his savings and decides not to pay the Balance of the Profit amount to Assignor, what are the possibilities in this kind of scenario?

You’d need to talk to a lawyer to find out the options.

David says:

How much exactly do brokers get paid at sale of Assignment? i.e. Would the broker’s fee be a % of your assignment selling price or your home’s selling price? I’m really looking for a clear answer.

I am using this website’s calculator associated with selling your home in Ontario. But there is no information on selling assignments. https://wowa.ca/calculators/commission-calculator-ontario

Realtors set their own commission, so there is no set fee- that website is likely the commission that that agent offers. We often see commissions of 4-5% for assignments. The fee is a % of the price of the assignment – for example, you originally bought for $500K; you’re now assigning for $600K – commission would be payable on the $600K.

Candace says:

Question: if i bought a pre construction condo, can i sell it as soon as it closes or do i have to live in it for 1 year after closing in order to avoid capital gains taxes?

Or does the 1 year start as soon as you move in?

I would suggest you talk to your accountant re: HST credit implications and capital gains, but if you sell it for more than you paid for it, capital gains usually apply.

You mention avoid paying HST when you assign your property. What is the HST based on? It’s not a commercial property that you would pay HST. Explain. Thanks.

HST and assignments are complex and this question is best answered specific to your situation by your accountant and real estate lawyer. In some cases HST is applicable on assignment profits – more details can be found on the CRA website here:

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-120/assignment-a-purchase-sale-agreement-a-new-house-condominium-unit.html

If you are a podcast listener, the true condos podcast is also a great resource.

https://truecondos.com/cra-cracking-down-on-assignments/

heres one for your comment, purchase pre construction from builder beginning of 2021, to be finished end of 2021, (semi detached) here we are end of 2022, both units are now ready. Had one assigned but because builder didnt accept within certain time frame(they also had a 90 day clause wherein we couldnt assign prior to 90 less firm closing date (WHICH MOVED 4 TIMES). Anyrate now we have a new assinor but the builder says we are in default from the first one and wants 50k to do the assignment (the agreement lists the possibility of assigning for 12k) Also this deal would include us loosing our whole deposit and paying the 12k(plus fees) would be in addition too the 130k we are already loosing. The second property we are trying to close but interest rates are riducous, together with closing costs(currently mortgage company is asking that my wife be added to that one, afraid to even ask this builder. Any advice on how to deal with this asshole greedy builder? We are simply asking for assignment as per contract and a small extension for the new buyer(week or two) Appreciate any advice. Thank you

Dealing with builders/developers can be extremely painful, much worse than resale transactions in our experience. Their contracts are written to protect THEM. Unfortunately all I can say is follow the advice of your lawyer.

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Assignment Sale 3 Bed 2.5 Bath 3 Storey End Townhome With Pie Shaped Backyard, Occupancy August 31st 2023, Balcony Off Master, Recreation Room...

Being sold by builder (Not an assignment sale). Under construction full brick builders inventory freehold town (no maintenance or condo fees)...

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5640-- / -br. 1557ft2. * assignment Listing*. 3 Bdrm Town I Whitby Durham Ontario brand new 3-storey townhouse in downtown whitby 1557 sqft of...

Whitby , on (3 Bedroom 3 Bathrooms) Whitby Durham Ontario assignment sale beautiful 3 bed 3 bath townhome potl in the port of whitby built by...

Assignment Sale*. Brock St S/victoria St E Whitby Durham Ontario price 845000 3---mo assignment sale 1862 square feet 3 bedrooms ampamp 3...

Assignment Sale In North Oshawa. Lots Of Upgrades! Whitby Durham Ontario this brand new end unit 31 bedroom townhouse in north oshawa wilson...

New Build Freehold Town Home For Sale — Priced To Sell Whitby Durham Ontario. New build town home. Located in whitby dundas and anderson area...

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ASSIGNMENT SALE IN WHITBY FREEHOLD TOWN CLOSING JUNE 2023 Toronto Toronto Ontario freehold townhome potl in whitby don t miss your chance at...

86 CLOSSON DR Whitby Ontario Toronto Toronto Ontario mls e5977--- assignment sale newly builtnever lived in move in ready detached on one of...

6819 BALDWIN ST N Whitby Ontario Toronto Toronto Ontario mls e5999--- assignment sale brand new 1439 sqft 2storey townhome in the quaint...

Very Bright 4 Bed Detached Home In Whitby Oshawa Durham Ontario an incredible and exquisitely designed and built 36 single detached home near...

Assignment Sale New Single Garage 3bed 2.5bath Saddle Towns Oshawa Durham Ontario assignment sale new single garage 3bed 2.5bath saddle towns...

... assignment capped development fees 2 bedroom suites 10000 3 bedroom suites 12000 maintenance fee 058 sq ft month excluding bulk internet and...

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Assignment sales 101

In a market where resale properties get snapped up in a matter of hours and pre-construction projects sell out in a few days, buying can be a challenge. There’s a lot of competition out there, and some buyers have been looking at assignment sales as an additional source of available properties.

What is an assignment sale, exactly?

An assignment is when the original buyer of a pre-construction property (who signed a contract with the builder) sells their contract to someone else before the purchase closes. Essentially, the buyer takes over for the seller in the contract and pays the deposit plus appreciated value/profit. 

Assignments happen for a number of reasons. Life changes are a big motivator – a lot can happen in the three to four years it takes to get from initial deposit to ownership. People decide to leave Toronto. They have babies, they get married, they get divorced. Some face financial difficulties that make them unable to close. 

Or, in the most common scenario, they’re investors who never intended to close on the property in the first place. A popular investment strategy is to buy in an early release, let the property appreciate, then sell it before  having to shell out transfer taxes and HST and getting locked into a mortgage. 

Read more: Is pre-construction still a good investment?

The pros and cons of assignment sales

This type of transaction comes with a very specific set of pros and cons for both the buyer and the seller. Here’s a quick rundown:

You can own a brand new unit without waiting years for it to be finished – buying directly from a builder involves a much longer wait.

There can be less competition. Typically, they aren’t marketed the same way as resales and fewer buyers know about them. The complexity of the transactions shrinks the potential buyer pool even further.

You don't have to worry about a project being cancelled and leaving you in the lurch: most builders don’t allow assignments until the project is almost done.

You need to have a a good chunk of cash, including all deposits that have been paid to the builder, agent commission, municipal charges, Tarion warranty, closing costs and the assignment fee, which can vary from a few hundred dollars to a few thousand (though some builders waive it as a purchase incentive). And you’ll be paying the appreciated price – not the amount the original buyer paid. 

An assignment sale is a lot more complicated than a resale purchase. You need a real estate lawyer experienced in assignments to ensure everything is done right, and a realtor who really understands the assignment market.

Seller pros

If you’re an investor, you can cash in on the profits before the project is completed. Getting cash out earlier means you can reinvest faster.

You avoid paying land transfer taxes, HST and a whole lot of other closing costs.

You don’t have to deal with closing, occupancy, or tenants.

If your life situation changes, it allows you to walk away without penalties (and some profit).

Seller cons

It’s harder to sell an assignment than a resale: the rules around marketing are different than for resales, so the pool of buyers is smaller.

There are limits around when you can sell: a certain percentage of the development has to be sold before a developer will allow it.

Not all builders allow assignments, and even if they do, they can refuse the sale.

The builder could cancel incentives like capping of development charges and design/upgrade credits, which increases the price and cuts into profit.

Greater complexity means higher legal fees.

An experienced agent is a must-have

REALTORS® who understand assignments can hel you navigate the complexity of this type of transaction. And they can help you market it, despite any limitations that might be imposed by the builder: they can leverage their networks to spread the word about available units, find interested buyers and connect the two. 

“Agents can source assignments through a mixture of Kijiji ads, personal networks and semi-private networks like Facebook groups who screen their members,” says Konrad Gloge, Sales Representative. “Builders have the power here: if you list an assignment on MLS and they haven't agreed to it, you’ll be in breach of contract and you could lose your deposit, which is a pretty compelling incentive not to list. That’s why working with a well-connected agent is a must.” 

Assignments can be daunting, but with a good lawyer and a knowledgeable realtor, they can be a great financial move, helping you profit on your purchase before it closes or get into a great new place faster.

Could an assignment sale be your best way into home ownership?

Ask a property.ca agent – they’ll be happy to help you figure out your best strategy..

Assignments for sale in Oakville (2024)

32 oakville detached, townhomes or condos assignment for sale on homebaba.

$ 2,350,000 4200 Sqft

Occupancy - Feb 2025

Dundas St and Sixth line - III

Bay Street Group Inc., Brokerage

$ 2,250,000 2910 Sqft

Occupancy - Nov 2025

Sixth line and Dundas st E

$ 2,800,000 4425 Sqft

Occupancy - April 2025

Sixth Line & Dundas St - II

$ 2,400,000 3560 Sqft

Occupancy - Sep 2024

Sixth Line & Dundas St

$ 2,400,000 3348 Sqft

Occupancy - Last Quarter 2024

Sixth Line & Dundas St - I

$ 2,613,000 3500 Sqft

Occupancy - December 2025

Sixth Line & Carnegie Drive

$ 1,199,999 2000 Sqft

Occupancy - May 2024

Sixth line & Dundas E

$ 1,250,000 2058 Sqft

Occupancy - Feb 2024

Burnhamthorpe and Sixth Line

$ 520,000 582 Sqft

Occupancy - Jan 2024

Neyagawa Blvd & Dundas St W- I

$ 768,000 1300 Sqft

Occupancy - April 2023

530 Speers Rd.

Royal Lepage Real Estate Services Success Team

$ 1,695,000 2650 Sqft

Occupancy - April 2024

Dundas & Sixth Line

Olesya Andrianova

REVEL REALTY INC

$ 1,850,000 2751 Sqft

Occupancy - Nov 2023

Third Line & Dundas E

$ 2,250,000 3151 Sqft

Occupancy - Summer 2023

Dundas St and Sixth Line

$ 2,350,000 3100 Sqft

Occupancy - October 2023

Upper Middle Road West & Bronte Road

$ 2,346,000 3343 Sqft

Occupancy - September 2023

Dundas Street West & Proudfoot Trail

$ 1,544,000 2697 Sqft

Occupancy - November 2023

Sixth Line and Burnhamthorpe Rd

$ 1,880,000 3156 Sqft

Sixth Line & Burnhamthorpe Rd W

$ 665,000 628 Sqft

Occupancy - June 2024

Dundas St E & Tranflager Rd

$ 1,700,000 2552 Sqft

Occupancy - July 2023

Dundas St W & Third Line

$ 1,980,000 2848 Sqft

Occupancy - Sep 2023

Millicent Ave Oakville Ontario L6M 4P5

Ravi Godara

Elixir Real Estate

$ 2,200,000 2932 Sqft

Occupancy - Fall 2023

Bowbeer Rd and Millicent Avenue

$ 1,980,000 2800 Sqft

Millicent Ave & Carnegie Dr

$ 2,300,000 4048 Sqft

Occupancy - March 2023

Upper Middle Rd W & Bronte Rd- I

$ 2,300,000 3071 Sqft

Upper Middle Rd W & Bronte Rd

$ 1,800,000 2860 Sqft

Sixth Line & Burnhamthorpe Road East

$ 2,990,000 3394 Sqft

Upper Middle Rd W and Bronte Rd

$ 2,300,000 3100 Sqft

$ 900,000 1173 Sqft

Dundas St W & Neyagawa Boulevard

$ 2,750,000 3568 Sqft

Bronte Rd & Upper Middle Rd

$ 1,800,000 2380 Sqft

Neyagawa Blvd & Dundas St W

$ 2,000,000 3151 Sqft

Occupancy - march 2023

Burnhamthorpe Road East & Sixth Line

$ 1,990,000 3100 Sqft

Occupancy - June 2023

Upper Middle Rd & Bronte Rd

Page 1 of 32 Results

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Homebaba is an online pre-construction homes database. Homebaba curates the list of projects that are publicly available on internet and does not take part in any real estate transactions. Be advised the information provided on this page could be outdated or inaccurate. By submitting above form you consent the real estate agents advertising on this page to connect with you. We may share your info to our partners or advertisers to help you with your questions. You can unsubscribe at any time by emailing us.

Oakville Assignment Sale  - Check out Pre construction Condos, Townhomes & Detached home assignment for sale in Oakville.

1. what is a preconstruction assignment sale, an assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the agreement of purchase and sale, before the original buyer closes on the property (that is, where they take possession of the property). the assignee is the one who ultimately completes the deal with the seller., 2. is an assignment legal in oakville, unless otherwise prohibited  or restricted in writing in the original agreement of purchase and sale,  it is mostly legally permitted . in some cases, the developer may charge the assignor a fee for this kind of sale. the best thing to do is to contact the builder directly to confirm if you are allowed to assign your purchase contract because assignment restriction and fees vary from builder to builder., homebaba is one of the leading online marketplace for pre-construction and assignment sales in oakville, ontario. check out hundreds of oakville assignment sales advertised by real estate agents in ontario.  the listings such as assignment for sale listings, resale listings or preconstruction project listings & description of the related pages are uploaded by real estate agents. homebaba does not verify the correctness of the data uploaded on its platform. please contact the listing agent to verify the information. e&oe expected..

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What Is an Assignment Sale? Understanding the Ins and Outs of This Real Estate Process

An assignment sale occurs when the original buyer of a property (the assignor) transfers their rights and obligations of the property contract to another buyer (the assignee) before the official closing of the sale.

This process allows the assignee to step into the original purchaser's shoes, taking on the commitments of the property purchase, which could be a pre-construction condo, house, or any other form of real estate.

Now, let's delve deeper into understanding how assignment sales work, their intricacies, and what they mean for buyers and sellers in the real estate market.

Demystifying the Elements of an Assignment Sale

Embarking on a real estate journey often introduces many terms and processes that may seem complex at first glance, with 'assignment sales' leading the pack in complexity and confusion.

Whether you're the original buyer looking to navigate away from closing costs or a savvy purchaser hunting for a valuable investment, understanding the nuts and bolts of assignment sales is an invaluable asset in the dynamic landscape of real estate.

How Assignment Sales Work

Assignment sales introduce a unique dynamic in real estate transactions, particularly in bustling markets like Vancouver Island and the Sunshine Coast .

When you buy a pre-construction unit, the property is yours, albeit not immediately ready for occupation. Life changes or financial circumstances sometimes evolve between the original purchase agreement and the final closing, necessitating a shift in plan.

Here's where assignment sales come into play. The original buyer can sell their interest in the property before the final sale, sidestepping typical hurdles like mortgage payments or land transfer taxes that come with a regular sale. This method provides a strategic avenue for purchasers to hand over their contractual obligations to another party without waiting for the property's completion.

The Assignment Clause: A Vital Cog in the Wheel

The assignment clause in the original contract is central to these types of transactions. This clause allows the transfer of the buyer's rights and responsibilities to another person.

It's crucial to understand that not all pre-construction sales agreements have an assignment clause, and most builders or developers might impose restrictions or require consent before any assignment deal can proceed.

Understanding the Financials: Costs and Fees

Engaging in assignment sales tends to involve several costs that both the buyer and seller must anticipate.

These include the assignment fee charged by the developer, legal fees for contract transfer, and possibly higher legal fees due to the complexity compared to a resale property. There could also be tax implications depending on the nature of the transaction and the parties involved.

Navigating Through the Interim Occupancy Period

A common scenario in assignment sales, especially in pre-construction condos, is dealing with the interim occupancy period.

This period arises when the assignee can take possession (though not ownership) of the unit while the property is not officially registered. During this phase, the assignee pays occupancy fees, akin to rent, which don't go towards mortgage payments.

Understanding this period helps both parties make an informed decision and prepare for the financial responsibilities it entails.

The Pros and Cons of Assignment Sales

Navigating assignment sales requires a balanced understanding of its advantages and drawbacks. While these transactions open avenues for lucrative deals and flexible arrangements, they also carry inherent risks and complexities that can impact buyers and sellers.

This exploration will provide clear insights, aiding your decision-making in the vibrant real estate market.

The Bright Side: Benefits of Assignment Sales

• Less Competition, More Opportunities: One advantage that makes assignment sales attractive, particularly in areas prone to bidding wars like Vancouver Island , is less competition. Fewer buyers are willing or informed about engaging in this kind of sales transaction, reducing the frenzy often seen in hot real estate markets. This situation can present a more favourable buying environment for those ready and willing to proceed with an assignment purchase.
• Potential for a Better Deal: For buyers, assignment sales sometimes offer the opportunity to get into a brand-new unit at a potentially lower cost. Since the assignee is stepping into an existing agreement, they might benefit from the original purchase price, which could be lower than current market rates, especially in fast-growing communities.
• Flexibility for the Original Buyer: For the original buyer, an assignment sale offers a way out, potentially recouping the deposit paid and avoiding financial penalties that might come with breaking a purchase agreement. This strategy can be particularly advantageous if the purchaser's circumstances change and needs to free up cash or avoid taking on a mortgage.

The Flip Side: Challenges and Risks of Assignment Sales

• Complexity and Higher Legal Fees: Assignment sales are not your straightforward real estate transaction. They require additional steps, such as securing the developer's consent, and the legal process is more complex than purchasing resale properties. As a result, both parties might incur higher legal fees to facilitate the transaction.
• Financial Overheads and Closing Costs: For the assignee, the initial cost outlay can be substantial for the assignee. They must reimburse the original buyer's deposit, pay the assignment fee, cover land transfer taxes, and prepare for other closing costs. These expenses require careful consideration and financial planning.
• Uncertainties and Marketing Restrictions: In some cases, developers impose marketing restrictions, making it challenging to advertise the assignment sale. Additionally, the assignee, now the new buyer, takes on certain risks like development charges or changes in market conditions, which could affect the property's value upon final closing.

Making the Move: Deciding If an Assignment Sale Is Right for You

Deciding to engage in an assignment sale is a pivotal moment, requiring a blend of financial foresight and market understanding.

As we delve into this decision-making process, we'll consider critical personal and economic factors that ensure you're making a choice that aligns with your real estate ambitions and lifestyle aspirations.

Conduct Due Diligence: Know What You're Getting Into

Involving real estate agents experienced in assignment sales is a prudent step for guidance through the intricacies of these transactions.

Also, consulting with a real estate lawyer ensures you understand the legalities, your rights, and any potential liabilities you might be assuming.

Consider Your Financial Standing and Long-Term Goals

Reflect on your current financial health and future plans.

For original buyers, if life changes dictate a change in your real estate investments, an assignment sale could be a viable exit. For potential assignees, consider whether this buying pathway aligns with your investment strategy and if you're comfortable with the associated risks.

Stay Informed About Market Conditions

Market dynamics greatly influence real estate valuations. A clear picture of current trends, especially in your buying area (like Fort St John or cities in the Okanagan ), helps make an informed decision.

Understanding these trends could offer insights into whether you're setting yourself up for a profitable investment or a potential financial misstep.

Bringing It All Home with LoyalHomes.ca

Navigating the world of assignment sales can be a complex journey, laden with opportunities and pitfalls. Whether you're considering selling your contractual rights or stepping into an existing purchase agreement, the route is layered with legal, financial, and market considerations.

At Loyal Homes, we understand that your real estate journey is more than just a transaction; it's a pivotal chapter in your life story. We're here to guide you through each step, ensuring you're equipped with the local, accurate, and relevant information to make decisions confidently. Our team is committed to providing a service that stands a notch above the rest, focusing on relationships and community at its core.

Ready to take the next step in your real estate adventure in British Columbia? Whether it's finding the perfect neighbourhood, exploring investment opportunities, or seeking your dream home, we're here to assist.

For a personalized experience tailored to your unique needs, consider our Personalized Home Search . If you're on the selling side and need to understand your property's current market standing, request a Free Home Valuation . Or, for any other inquiries or guidance, feel free to contact us . Your journey to a successful real estate experience in British Columbia starts with LoyalHomes.ca, where your peace of mind is our highest priority.

Frequently Asked Questions

Is it good to buy an assignment sale.

Buying an assignment sale can be advantageous, offering lower purchase prices compared to current market rates for similar properties, especially in hot real estate markets. However, this venture also requires thorough due diligence to ensure that the agreement terms, property details, and financial implications align with your investment goals.

Can You Make Money on an Assignment Sale?

Yes, there is a potential to make money on an assignment sale, particularly if the property's value has increased since the original purchase date. This profit occurs due to appreciation over the period, especially in high-demand areas, but it's crucial to factor in any assignment fees, legal costs, and tax implications to understand the net gainfully.

What Are the Risks of Buying an Assignment Sale?

The risks include a lack of guarantees on the final product as specifications might change, potential delays in construction, and complexities in financing, often requiring a more substantial initial deposit. These elements underscore the importance of legal counsel to navigate contract specifics and to prepare for any contingencies or additional costs.

How Do I Sell My Pre-Construction Assignment?

Selling a pre-construction assignment involves marketing to potential buyers, typically requiring the developer's consent and possibly entailing a fee. Engaging with a real estate professional who understands the local market nuances and legalities of assignment sales is essential to ensure a smooth, compliant transaction.

Do I Pay Tax on Assignment Sale?

Tax implications on assignment sales can be multifaceted, potentially involving income tax on profits and GST/HST on the purchase, depending on factors like the property type and the seller's tax status. It's advisable to consult with a tax professional to accurately determine specific obligations and strategize for tax efficiency based on your circumstances.

What Is the Difference Between a Transfer and an Assignment?

A transfer and an assignment differ significantly; a transfer involves changing property ownership after a project's completion, whereas an assignment sells one's interest in a property before it's finished. Understanding this distinction is crucial as it affects the contractual obligations, rights transferred to the new buyer, and the legal and financial processes involved in the transaction.

• Photo: @ irina88w via Canva.com
• Photo: @ AndreyPopov via Canva.com
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Assignment Sale in Ontario: Definition & How It Works

An assignment sale is a unique transaction in the real estate market where the property’s original buyer (assignor) transfers their rights and obligations under a purchase contract to a new buyer (assignee) before the property’s completion. Particularly common in pre-construction projects in Ontario, this type of sale offers flexibility for investors and those whose circumstances may have changed. This article explores the definition, legal framework, and process of assignment sales in Ontario, providing essential insights for buyers and sellers engaged in these transactions.

What is an Assignment Sale?

What do the terms assignor and assignee mean, who pays hst on assignment sale, is builder’s consent required for assignment sale, how we can help.

An assignment sale is a transaction in the real estate market where the original purchaser of a property, known as the assignor, transfers their rights and obligations under a purchase agreement to another party, called the assignee, before the completion of the property. This type of sale is usually associated with pre-construction homes or condos that are yet to be built or are under construction at the time of the sale. The assignee takes over the rights and obligations of the original buyer, including any remaining payments to the developer and all other terms originally agreed upon in the contract.

The primary benefit of an assignment sale is its flexibility. It provides an exit strategy for buyers willing to complete the purchase. It offers potential for profit or entry into a property that might otherwise have been unavailable on the open market. For the assignor, it can be a way to liquidate their investment without waiting for the property to be completed. It can be particularly advantageous if their financial situation changes or market conditions favour such a move. Meanwhile, assignees can purchase a new property without waiting for a new phase of development to be launched, potentially benefiting from price appreciation since the original sale.

The assignor is the person or entity that originally purchased a property and holds the rights and responsibilities under the initial purchase agreement. This individual or entity may have entered into a contract to buy a property before its construction but decided to transfer this agreement to another party before the property was completed.

The assignee is the person or entity who accepts the transfer of the property purchase agreement from the assignor. By assuming the assignor’s agreement, the assignee agrees to fulfill the original contract’s terms, including any payments to the developer and adherence to any conditions specified in the agreement.

When a property is sold through assignment, the assignor is responsible for paying the Harmonized Sales Tax (HST) on the sale price, which includes the original price and any profit made on the transaction. To ensure clarity and avoid any legal issues, it is recommended that a Real Estate lawyer prepare the assignment agreement with all necessary information.

The builder’s consent is usually a requirement for assignment sales. The builder’s contract will specify if it is allowed and under what conditions. This clause is necessary because it lets the builder maintain control over who is becoming a part of the development and ensures that the assignee has the financial capability to complete the purchase.

Acquiring the builder’s consent can come with additional fees, and approval procedures can vary depending on the developer. Some builders may charge a flat fee, a percentage of the sale price, or a combination of both to grant permission for the contract assignment. Additionally, the builder may have specific requirements that must be met before approving the assignment, such as the construction status or payment of a certain percentage of the original purchase price. It is advisable to review the terms of the original agreement carefully and prepare for any financial or procedural requirements that obtaining such consent might entail.

It is often possible to obtain a builder’s consent to assign an agreement, even if such consent was not included in the original contract. Many builders will waive the clause prohibiting assignment from the agreement, provided that certain criteria and forms are followed and any required fees are paid. The builder’s sales office can determine if consent is possible and under what conditions. Different builders have varying processes for property assignment.

Assignment sales involve complex legal and financial considerations requiring thorough understanding and careful handling. Potential participants in assignment sales should consult with real estate professionals and legal advisors to navigate the process effectively and ensure compliance with all relevant legal requirements.

Insight Law Professional Corporation is a real estate law firm located in Toronto. If you need more information on real estate transactions, contact us today and learn how a  real estate lawyer  can help you.

The information provided above is of a general nature and should not be considered legal advice. Every transaction or circumstance is unique, and obtaining specific legal advice is necessary to address your particular requirements. Therefore, if you have any legal questions, it is recommended that you consult with a lawyer.

About The Author

Demet Altunbulakli

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