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What is Assignment?

A common question raised during the pre-construction process is assignments. For those who are not familiar with assignments, it is simply a sales contract entered into by two parties at an earlier date. It is essentially a transfer of the right to purchase that property from the original purchaser to a new purchaser prior to the unit closing. Assignments of sale are very common during the construction stage of new developments by allowing the original purchaser to resell their unit before the sale is completed for the property. Since units in pre-construction are purchased sometimes 3-4 years prior to occupancy, sellers often choose to assign their units before they occupy as their lives may take on a different path. On the flip side, a lot of purchasers may look for assignments to buy before the building is complete. Once construction has started, there are always many assignment agreements floating around as occupancy dates become more accurate. There are however many stipulations that are involved when selling or buying an assignment.

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