Agent for assignment sales of pre-construction condos
An assignment sale transfers your purchase agreement for an unbuilt or not-yet-registered condo to a new buyer before closing. It is a different job from buying directly from a builder.
- Builder consent: most agreements require it, and builders often charge an assignment fee.
- Pricing: the assignment price is based on deposits paid plus any gain or loss against current market value.
- Buyer risk: the buyer takes on the remaining deposits, occupancy dates and final closing costs, and needs financing lined up.
- Lawyer review: both sides need a real estate lawyer who knows pre-construction agreements.
Pick an agent who has completed assignments with the specific builder, since consent processes differ.
What it costs
Agent commission is negotiated, and builder assignment fees and legal costs add to the total. Cost also depends on how long the unit takes to sell and whether the market value is above or below your purchase price.
Top 3 by our score
Ranked from our published scoring of public Google reviews for new construction & pre-construction.
- 1. Matthew Fernandes Group - Toronto Real Estate Agent915.0★ · 78 reviews
- 2. Dave Elfassy Real Estate955.0★ · 758 reviews
- 3. the BREL team East | Toronto Real Estate Agents955.0★ · 199 reviews
FAQ
- Do I need the builder's permission to assign?
- Usually yes. Your agreement of purchase and sale sets the terms, so have a lawyer read it before you list.
- Can I lose money on an assignment?
- Yes. If market value falls below what you agreed to pay, you may have to sell at a loss or close on the unit.
- Who pays the assignment fee?
- It is set by the builder and the agreement. Who bears it is negotiable between seller and buyer.