Legal Considerations and the Role of a Real Estate Lawyer in Assignment Sales

Assignment sales involve more than just transferring a contract—they come with legal complexities that differ from standard resale transactions.

🔹 Builder Consent: Most builders require formal approval before the assignment can proceed. A lawyer ensures that all builder conditions are met and that the transfer complies with the original agreement.

🔹 Reviewing the Agreement: The original purchase agreement may include clauses that affect the buyer’s responsibilities. A real estate lawyer will help interpret these clauses and highlight any red flags or obligations the buyer should be aware of.

🔹 Drafting and Finalizing the Assignment Agreement: The assignment agreement outlines the terms of the sale between the assignor and assignee. A lawyer prepares or reviews this document to ensure it protects your interests and complies with applicable laws.

🔹 Understanding Closing Costs and Taxes: There may be additional costs, like land transfer taxes or builder levies. A lawyer can provide a clear estimate of these expenses and confirm if you qualify for any rebates or exemptions.

🔹 Protecting Your Deposit: To ensure your deposit is handled securely, your lawyer will manage the transfer and confirm it's held in trust until closing, reducing financial risk.