{"id":2132,"date":"2020-05-03T13:51:50","date_gmt":"2020-05-03T13:51:50","guid":{"rendered":"http:\/\/blog.condonow.com\/assignments\/?p=2132"},"modified":"2020-05-06T15:11:03","modified_gmt":"2020-05-06T15:11:03","slug":"seller","status":"publish","type":"post","link":"https:\/\/condonow.com\/Assignments\/seller\/","title":{"rendered":"Steps to your Pre-Construction Unit Sale"},"content":{"rendered":"

It is the original purchaser\u2019s responsibility to uphold the terms of\u00a0<\/span>the Agreement of Purchase and Sale<\/span>. The new purchaser assumes the responsibilities once the\u00a0<\/span>pre-construction\u00a0<\/span>assignment sale is completed. The process to completion needs to be carefully monitored<\/span>\u00a0as<\/span>\u00a0<\/span>it can be complex.<\/span>\u00a0<\/span><\/p>\n

Mark is looking to sell the contract for the\u00a0<\/span>pre-construction\u00a0<\/span>one<\/span>–<\/span>bedroom condo unit\u00a0<\/span>that he purchased three years ago in a\u00a0<\/span>condo<\/span>\u00a0that is almost ready for occupancy in downtown Toronto.<\/span>\u00a0<\/span><\/p>\n

Mark decides to seek advice from a<\/span>\u00a0<\/span>real estate agent\u00a0<\/span>well-versed<\/span>\u00a0<\/span>in\u00a0<\/span>pre-construction\u00a0<\/span>assignment sales and a\u00a0<\/span>pre-construction\u00a0<\/span>lawyer<\/span>\u00a0with assignment sales experience<\/span>\u00a0to make sure he knows his rights\u00a0<\/span>and responsibilities before, during, and after the transfer to the new buyer.<\/span>\u00a0<\/span><\/p>\n

It is very important that Mark consults his Agreement of Purchase and Sale and the developer<\/span>\u00a0before listing the contract\u00a0<\/span>for sale.\u00a0<\/span>\u00a0<\/span><\/p>\n

Different developers have different rules regarding assignment sales and Mark must ensure that he adheres to the ones his developer has laid out within the contr<\/span>act.<\/span>\u00a0<\/span><\/p>\n

Mark\u2019s developer has outlined within the contract that if he is to assign the\u00a0<\/span>pre-construction\u00a0<\/span>contract for the unit in\u00a0<\/span>question,<\/span>\u00a0he is to compensate the developer for this transaction in the form of<\/span>\u00a0administration and\/or legal<\/span>\u00a0fee<\/span>s<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

It is now also Mark\u2019s responsibility to find a buyer for the contract.\u00a0<\/span>By enlisting the help of a real estate agent from\u00a0CondoNow\u00a0that specializes in\u00a0<\/span>pre-construction\u00a0<\/span>assignment sales, Mark will be able to have the\u00a0<\/span>sale listed on platforms that will attract potential buyers.<\/span>\u00a0<\/span><\/p>\n

Mark will continue to be actively involved in the selling process as he is the one that will set the selling price<\/span>, if he is willing to negotiate or not, and accept the final selling price.<\/span>\u00a0<\/span><\/p>\n

Once Mark completes the\u00a0<\/span>pre-construction\u00a0<\/span>assignment sale and the contract is transferred to the new buyer,\u00a0<\/span>he no longer owns the contract for the uni<\/span>t. He is no longer has any legal rights to anything outlined in the contract<\/span>\u00a0<\/span>or to do with the unit in question. All\u00a0<\/span>pre-construction\u00a0<\/span>occupancy, closing, and mortgage costs are now the responsibility of the new buyer.<\/span>\u00a0<\/span><\/p>\n

However, Mark must be careful as he may be held liable if the new buyer cannot uphold the costs and\u00a0<\/span>responsibilities<\/span>\u00a0of the contract<\/span>\u00a0for the new home.\u00a0<\/span>Once everything completely clears and the new buyer obtains the title for the home is usually when Mark\u00a0<\/span>will receive his profit.\u00a0<\/span>\u00a0<\/span><\/p>\n

As a potential<\/span>\u00a0<\/span>pre-construction<\/span>\u00a0assignment<\/span>\u00a0<\/span>seller,<\/span>\u00a0you may have many questions and concerns regarding assignment sales and what your rights and responsibilities are.<\/span> CondoNow\u00a0has a large database of knowledgeable agents who are here for you. Contact us today.\u00a0<\/span><\/p>\n<\/div>

<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":2151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nSteps to your Pre-Construction Unit Sale - Assignments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cnrelease.247salescenter.com\/Assignments\/seller\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steps to your Pre-Construction Unit Sale - Assignments\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cnrelease.247salescenter.com\/Assignments\/seller\/\" \/>\n<meta property=\"og:site_name\" content=\"Assignments\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-03T13:51:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-06T15:11:03+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/blog.condonow.com\/assignments\/wp-content\/uploads\/sites\/3\/2020\/04\/Seller.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"660\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"3 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/condonow.com\/Assignments\/#website\",\"url\":\"https:\/\/condonow.com\/Assignments\/\",\"name\":\"Assignments\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/condonow.com\/Assignments\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-CA\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cnrelease.247salescenter.com\/Assignments\/seller\/#primaryimage\",\"inLanguage\":\"en-CA\",\"url\":\"https:\/\/blog.condonow.com\/assignments\/wp-content\/uploads\/sites\/3\/2020\/04\/Seller.jpg\",\"contentUrl\":\"https:\/\/blog.condonow.com\/assignments\/wp-content\/uploads\/sites\/3\/2020\/04\/Seller.jpg\",\"width\":660,\"height\":330},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cnrelease.247salescenter.com\/Assignments\/seller\/#webpage\",\"url\":\"https:\/\/cnrelease.247salescenter.com\/Assignments\/seller\/\",\"name\":\"Steps to your Pre-Construction Unit Sale - 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