Sammy.March
New Member
What is the process and what are the costs involved?
Assignments are first and foremost, transfer of right to purchase (buying the contract). Here is the simplified version:
Let's say you purchased a unit a couple of years back and for some reason you wish to sell it before the building registers (i.e. prior to mortgage assumed).
You or your Agent have to find a buyer that will agree to buy the contract off you. You will have to agree on price the buyer , or Assignee, will be willing to pay you.
The contracts are drafted, lawyers review and monies transferred. Once that's done you need to have the builder sign the Assignment documents, officially transferring your name out of the contract and the buyer's name into it.
There are many variations on the subject, but in all cases you need to understand that the Assignor will be held responsible for the purchase in case the Assignee did not fulfill their part of the contract, so it's very important to find a qualified buyer that will go ahead with the purchase (or else you are in trouble).
yk.