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What is an assignment?

An assignment is where a seller is selling the interest in a property to a buyer. This happens when a buyer who holds an agreement with a developer promising to purchase the property (Condominium, Town House or a Freehold property) in the future when the developer has completed the construction.

If the original buyer of the property decides to sell the interest to another at a profit then the original buyer becomes the seller.

When you purchase a property on assignment from the original buyer you will not be able to renegotiate the price or other terms with the developer. The price and terms of the contract has already been agreed by the person who bought the property originally.

When buying an assignment, here are some points to consider:
  • Will the developer allow an assignment?
  • Fees charged for an assignment?
  • What was the down payment given to the developer?
  • What are the terms and conditions of the contract?
  • How much will the legal fees be?
  • How much are the development charges?
If you have bought a new home, town house or a condo from a developer and want to sell prior to closing we can help.

Our assignment service can find you a buyer for your property.

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