One of the hardest residential real estate transactions to do is to buy or sell an “assignment”**.
It often means a lot more money up front, more assumption of risk, the growing pains of living in new construction, and having to deal with HST and HST rebate applications. Most buyers avoid them like a 10-foot pole. But what to do when your client becomes obsessed with a building? You hold on for the ride. There are 5 assignment listings on MLS at the writing of this post, and only ours is sold firm. Big congrats to my client! Because Leslieville is an amazing neighbourhood to live in to boot!
**An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller. In Ontario, assignments are more common in pre-built homes and condos than on re-sale properties,