Selling a pre-construction condo assignment means selling the right to purchase a unit in a building that has not yet been completed. The process of selling an assignment could be complicated. It’s recommended that you consult an experienced Real Estate Professionals from Enso Realty to help you with the process.
Here are the steps to sell a pre-construction condo assignment:
- Review your contract: Before attempting to sell your pre-construction condo assignment, review your contract to ensure that you are legally allowed to do so. Some developers may have restrictions or penalties for assigning a unit before completion.
- Determine the value: Determine the current value of your pre-construction condo assignment. This can be done by looking at the current market value of similar units in the area or by consulting with a real estate agent.
- Advertise the assignment: Advertise your pre-construction condo assignment through various channels such as online listings, social media, and real estate agents.
- Find a buyer: Once you have advertised the assignment, you will need to find a buyer who is willing to purchase it. This can be done through negotiations with potential buyers or through a real estate agent.
- Assignment of Purchase and Sales Agreement: It’s very crucial that you have all the necessary clauses in the purchase and sales agreement to protect your interest. Not all agents have the experience to write the clauses needed for an Assignment sales agreement which are very different from normal purchase and sales agreement of a regular house. When you are interviewing for a real estate professional to help you, you must ask if the individual has the relevant experience in assignment purchase and sales.
- Consent from Developer: Before a purchase and sales can be confirmed, the purchase and sales agreement must be approved by the developer.
- Complete the sale: Once you have found a buyer, you will need to complete the sale by transferring the assignment rights to the new buyer. This will typically involve the assignee and assignor’s lawyers and the developer’s lawyer as well.
It’s important to note that selling a pre-construction condo assignment can be complex and may require legal or financial advice. It’s recommended to consult with real estate professionals before attempting to sell an assignment.