What is an assignment?
An assignment is an agreement to assume a purchaser’s contract with a builder to close on a condominium before the building is registered. The assignor usually has already taken occupancy of the unit and in most cases prior to closing. Most of the builder would not permit the assignor to list his/her unit on MLS.
What is the advantages of Assignments?
Assignor has to start paying occupancy fee to the building. Investor would either “cash out” or lease out the unit to cover the cost. It is also true that assignment is less expensive than re-sale price which is listed on MLS after closing. The investor gets their money back to re-invest and the buyer gets a below market value unit without all the uncertainties of preconstruction.
Tuesday, May 5, 2009
Assignments Part I
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- Simson Chu
- Simson holds a Bachelor's degree of Applied Science (BASc.) in Electrical Engineering with Management Science Option from the University of Waterloo.
Simson first applied his formal education as a computer engineer at an industry-leading computer chip manufacturer in the Toronto area, where his performance continuously exceeded expectations: Simson strategically and systematically evaluted emerging and longer-term opportunities to address needs.
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Recognized by his hardwork, client service-oriented personality, and excellent negotiation skills, Simson now exceeds the expectations of his real estate clients.
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