BUYING A CONDO BY WAY OF ASSIGNMENT

ASSIGNMENT -

Most people who buy a condo take ownership through the Land Registry System. Just before the day of closing, you transfer money to your lawyer and if you need additional funds via a mortgage, your lawyer will register your ownership of the property and the interest of the mortgage lender.

Assingments in Toronto

An Assignment means that you are buying a "right" to own a condo that is not in the Land Registry System. Usually the condo has not been built or it is not ready for occupancy and the building has not been registered. This "right" is just a paper transaction and not the transfer of the actual property. The closing of the Assignment occurs BEFORE the condo is registered. The individual who buys the "right" will eventually close and register their ownership of the condo at some later date.

Most Assignments are sold on an "Exclusive" basis. They are also more complicated than a regular sale because a mortgage can not be obtained on the closing of the Assignment, and will need to be postponed until the day of registration. Other issues such as Occupancy, reimbursement of the seller’s deposits and more must be taken into account.

You need a Realtor that is trained in finding and drawing up the Offer for Assignments. Ashley Fray and his team have a certain amount of affiliates that make him the largest resource for selling Assignments and we have had special training in dealing with these transactions. So if you want to buy or sell an Assignment then you have come to the right web site! Ashley Fray and his team have the knowledge, expertise and Access to and dealing with Assignments!

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