Assigning a condo can be a daunting process. Very different from a regular sale as the condo isn’t officially owned yet. What you’re selling or buying is the right to own the property upon final closing. This makes the sale a bit more complicated and specialized. People choose to assign for many reasons.

Change in a life circumstance where they no longer need the unit, have another opportunity to invest in, or as an investment strategy - flipping the property without getting a mortgage. It gives an opportunity to sell the property before paying closing costs or qualifying for a mortgage which is helpful if you have multiple properties closing in the same year, wants to invest in something else, or no longer plan on moving in. Regardless of the reason, here are a few things to know if you’re thinking of assigning your condo assignment listings for sale in Brampton, Toronto, Mississauga, and Hamilton.

First things first you’ll want to make sure you have an assignment clause in your agreement. To be able to assign, you will need to have an assignment clause that permits you to assign, typically with some conditions.