Assignment Explained

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When responsibility for an ‘Agreement of Purchase and Sale’ is transferred from one party to another, it’s known as an Assignment. 

When you assign your Purchase and Sale agreement to Condoassignment.ca, we assume all of the obligations that are contained in the agreement; we’re legally responsible for any required payments and it becomes our responsibility to close the deal when the time comes. You walk away, stress free with no negative effect on your credit.

On the other hand, when you purchase an agreement from Condoassignment.ca, you assume all the obligations and benefits that are contained in the agreement. You’ll be responsible for any required payments and for closing the deal with the builder when the time comes.

An assignment is the transfer of responsibility for an agreement of Purchase and Sale.  of  a property prior to the completion of that agreement. In other words, An assignment is the transfer where the original buyer of a property sell his rights and obligations of the Agreement of Purchase and Sale to a new buyer. Before the original buyer closes on the property.  

Assignments sales are very common practice within the per-construction market. Since units in pre-construction are purchased few years in advance sellers often choose to assign their units before they occupy. On the other hand, there are many buyers that may look for assignments to buy before the building is complete.

Condo assignment can be beneficial for both the buyer and the seller.