What is a Condo Assignment?  - A condo assignment is where the original purchaser sells or "assigns" his/her rights to purchase the condo unit to a new Buyer.

Who should Buy a Condo Assignment? - Anybody with sufficient savings or a good line of credit.  Parents helping their son or daughter as first time buyers.  Baby-boomers downsizing. Investors looking to hold and lease the Condo unit.  Professionals that don't want the responsibilities of maintaining a house or who travel often.

Top 3 benefits of buying a Condo Assignment?
-  Primary benefit is you purchase a Condo unit for thousands below market value, whereas in resale you pay Market Value!  
-  Secondly, your money isn't tied up for years in a pre-construction condo purchase.  
-  Thirdly, a short closing, convenience and luxury of buying brand new and you often pay lower maintenance fees than resale condos.

Why do people Assign/ Sell their Condo? A few reasons are:
- They want to save on inconvenience of closing and the additional costs associated with it.
- They need the money for other investments.
- Their circumstances have changed and they no longer can hold on to the investment.  Might be moving.
- They can't come up with closing costs so they need to Sell!

What is involved in Buying a Condo Assignment?
-  First you need to be able to afford to pay the "original buyers" deposit money they have already given to the builder.  That can be 10 to 25% of the original purchase price.
-  Second- you have to pay the difference between what you and the original buyer agree to as the new purchase price.
-  Thirdly - you have to be Mortgage Approved by the bank for the original purchase price.

Example.  Original Buyer Purchased Condo for $200,000   Paid 20% Deposit = $40,000  
                New Sale Price: $220,000                                New Market Value $235,000

                NEW Buyer Requires: 20% deposit. $40,000  and $20,000 for New Sale Price
                                            Total: $40K + $20K = $60,000

               New Buyer must also be Mortgage Approved for $160,000  ($200,000 - $40,000 deposit)
               A mortgage approval (commitment) is required not a pre-approval.

Jas Jagpal and is team can help you through buying and selling an Assignment.  

Buyers - Let us know what your needs are.  How much deposit you have.  What you are mortgage approved for.
Sellers - Send us a copy of your assignment agreement.  Final Occupancy Date.  Price.  Deposit Structure so we can better assist you.  
Email to: jasjagpal@rogers.com / Fax to 416-352-5711