What are Vancouver Presale Condo Assignments? An assignment of contract occurs when the original buyer of a property (the “assignor”) transfers the contract to buy property to another buyer (the “assignee”). The new buyer takes 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.
The buyer can transfer the contract for any price, even for a higher price than they paid for the property. The buyer does not have to pay the seller any additional money if they make money from selling the contract.
In other words, an assignment clause allows the buyer of a home to sell the place before they take possession of it.
In 2016, the provincial government announced new rules regulating contract assignments. Real estate contracts are now required to include two terms: one that requires the seller’s consent to assign the contract, and one that requires that any profit from an assignment goes to the original seller. Clients can instruct Realtors® to omit or change these clauses.
The buyer’s Realtor is also required to inform the seller if one, or both, of these clauses are removed from their offer. The seller’s Realtor must also disclose if the proposed contract is assignable or not – including any conditions that would be applicable to the assignment.
Be aware, if you’re a seller and a buyer requests you waive the assignment clause, they may be looking to re-sell your property before the contract completes.
Selling Assignments can be tricky as some presale contracts have restrictions on adverting and can not be listed on MLS. With our experience & connections Vancouver4Life finds qualified buyers to help with the Purchase & Sale of Presale Condo Assignments in Vancouver giving you the best exposure and the best price for your Assignment sale.
Contact Agnieszka Stryjecka for more detailed information on Purchasing or Selling Assignments & Vancouver Real Estate
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