Assignment Sales in Ontario: A Clear Overview for Buyers and Sellers


The sale of activities can facilitate the buying and selling of property in Ontario. Look at the essential key points to help you entire the process.

What is an Assignment Sale?


Let us tell you what is an assignment sale. An assignment sale allows the buyer to transfer the right to purchase the property before completion. Moreover, the new buyer takes over the contract with the developer.


Why did You Consider an Assignment Sale?


Agents may need to exit estate plans due to changes in their structure. Assignment sales can be used to quickly acquire new customers. Buyers can search for unavailable properties through traditional listings.


How Does it Work?


  • Locate the property: The first buyer lists the property to select it, usually with the help of real estate agents who specialize in this type of sale.


  • Discuss the details: The original buyer and the new buyer agree on the price and additional costs.


  • Sign the contract: Both parties sign an assignment agreement. Also, they transfer the purchase rights from the original buyer to the new buyer.


  • Get Developer’s Approval: The developer must approve the new buyer and check that all terms are correct.


  • Complete the transaction: The new buyer takes possession of the property by paying the balance to the builder.


Highlights to know


  • Costs: Identify additional costs such as activity fees and legal fees.

  • Disclaimer: Read the Service Agreement carefully to understand what it includes.

  • Developer Requirements: Ensure developer requirements are met for approval.

  • summary


Selling programs in Ontario provide flexibility for both buyers and sellers. Hope you understand the basics of what is assignment sale and process. Whether you are selling or buying, knowing how the selling program works helps you make an informed decision.

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