Presale Assignment Sales
Purchase presale condos from original buyers. Shorter wait times, potential below-market pricing, and instant equity opportunities in the Lower Mainland's hottest new developments.
Why Buy an Assignment?
Shorter Wait Time
Move in sooner than buying a new presale. Many assignments are close to completion or already complete.
Below Market Opportunities
Purchase at original presale pricing, which may be below current market value if the market has appreciated.
Instant Equity Potential
If the market has risen since original purchase, you may have instant equity upon completion.
Access Sold-Out Projects
Buy into popular projects that are no longer available through the developer.
Understanding Assignments
What is an Assignment?
An assignment sale occurs when the original purchaser of a presale condo sells their purchase contract to a new buyer before the building completes. You're essentially taking over their contract, including the original price, deposit structure, and completion date.
Why Do People Assign?
Original buyers may need to assign for various reasons: financial circumstances changed, relocating for work, investment strategy, or simply taking advantage of market appreciation. This creates opportunities for new buyers.
The Assignment Process
Once we find an assignment you're interested in, I'll handle negotiations with the seller, coordinate with the developer for approval, review all documents, and ensure a smooth transfer of the contract.
The Assignment Process
I'll guide you through every step of buying an assignment, from finding the right opportunity to taking possession.
Find the Right Assignment
- Access to off-market assignments
- Review available units and pricing
- Analyze potential value and equity
- Compare to current presales and resales
- Assess completion timelines
Negotiation & Agreement
- Negotiate assignment price with seller
- Review original purchase contract
- Understand deposit obligations
- Agree on assignment fee split
- Set conditions and timeline
Developer Approval
- Submit application to developer
- Pay assignment fee (typically 1-2%)
- Provide proof of financing ability
- Review and sign assignment documents
- Complete credit checks if required
Complete the Purchase
- Pay remaining deposits on schedule
- Arrange mortgage financing
- Complete pre-delivery inspection
- Final walk-through and possession
- Receive keys and title
Important Considerations
Developer Approval Required
All assignments must be approved by the developer. Requirements vary but typically include financial qualification and paying an assignment fee.
Assignment Fees
Developers charge an assignment fee, usually 1-2% of the original purchase price. This is in addition to the assignment price you pay the seller.
Deposit Obligations
You'll need to pay any outstanding deposits on the original schedule. Make sure you understand the full deposit structure before proceeding.
Completion Timeline
Know exactly when the building will complete and when you'll need mortgage approval. Some assignments complete within months.
Common Questions
Is buying an assignment the same as buying presale?
Similar, but not exactly. You're taking over someone else's presale contract. The price, deposit structure, and terms were set when the original buyer purchased. You're stepping into their shoes mid-way through the process.
How much do assignments cost?
You pay the original purchase price PLUS the assignment premium (the seller's profit). For example, if the original price was $500,000 and the seller wants $50,000 assignment premium, your total is $550,000, plus the assignment fee to the developer.
Can I get financing for an assignment?
Yes, you'll need mortgage pre-approval showing you can qualify for the full purchase price when the building completes. Some lenders are more experienced with assignments than others - I can provide referrals.
What if the developer doesn't approve my assignment?
Developer approval is required, and your offer should be conditional on receiving this approval. If denied, the deal would not proceed and your deposit would be returned.
Are there any restrictions on assignments?
Each developer has different policies. Some allow immediate assignments, others require you to wait 6-12 months from original purchase. Some limit the number of times a unit can be assigned.