As a Toronto Condo Real Estate Professional... one of the questions people looking to buy a condo have is "what is a condo assignment?". Often people aren't even aware they can buy/ sell a condo by way of an assignment. Many of these Buyers would buy Condo Assignments if they knew they would be saving thousands and buying below market value of resale condos.
In Condo real estate, developers need to sell a certain percentage of units when building a new Condo Tower inorder to get financing to build. For example, Tridel was selling Solaris Condo units in spring 2007, at Kennedy & 401, that are starting to occupying in spring 2011. Most often investors by these units 3 to 4 years ahead of time at VIP prices and their Realtors help them get an Assignment clause in their purchase and sale agreement.
Why would the original purchaser assign? There can be many reasons but the main two are: Investors save on "closing costs" and they do not have to arrange a mortgage on the remaining funds due.
The Pros of buying an assignment? The advantages for a Buyer are big dollar savings! They save thousands from the current day market price of buying a resale condo... in addition they get the pleasure of buying NEW and having a shorter wait period to move in (3-6 months instead of years).
The Cons for a Buyer: They have to come up with significant downpayment and make up the difference between what the original buyer paid an their paying. See Example Calculation.
If you have an Assignment for Sale then advertise it at www.TheTorontoCondoRealEstate.com
If you are looking to buy an assignment, at Tridel's Solaris 2 (Kennedy & 401, near Scarborough Town Centre) or Tridel's Avonshire at Yonge and 401... go to the Toronto Condo Real Estate Website or contact me directly. It's quite easy!
The Toronto Condo Real Estate
www.TheTorontoCondoRealEstate.com
Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629 O: 950-471-0002 F: 905-471-7441
Sign Up For Vip Savings with Jas. BUY • SELL • INVEST in the GTA.
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© 2011- Jas Jagpal, Making Good Things Happen For You!
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
Good and thanks for sharing. I can give this address if anyone will ask me for new condo in scarborough.
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