Key Considerations When Dealing With Condo Assignments

1. Builder Approval:

Most developers require written consent to complete an assignment. There may also be an assignment fee involved.

2. Taxes & Fees:

Buyers of condo assignments may be responsible for HST, land transfer tax, legal fees, and development charges on closing.

3. Mortgage Challenges:

Financing an assignment purchase can be more complex. Many lenders only provide mortgage approvals closer to the final closing date.

4. Legal Advice Is Essential:

Both buyers and sellers should work with a real estate lawyer who has experience in assignment deals.