The Process of an Assignment

Lumen CondosThis step-by-step guide is intended to help better understand the process of buying and selling condo units by assignment. Yossi Kaplan provides professional advice and personalized service!

Contact us for representation on: VIP openings, per-construction condos, assignments, re-sale and MLS listings.

The Process of Assignment

From the Assignor’s perspective:

  1. Contract: Purchaser enters into a contract with the vendor
  2. Purchaser decides to sell their contract i.e: to assignment
  3. Assignor (original purchaser) contacts Urban Realty with the following 3 questions:
    -What is the value of my assignment?
    -How long will it take to sell?
    -What are the costs involved?
  4. Assignor signs listing agreement with us and we begin marketing process.
  5. Interested parties contact us asking for information about the unit.
  6. Interested party wishes to submit an offer with Urban Realty or brokerage of their choice.
  7. Negotiation begins (duration can be anywhere from 1 day to a month)
  8. Once the two parties reach an agreement, the assignee send the first deposit to secure the deal.
  9. Review and removal of conditions by each parties lawyers. For example: assignee mortgage per-approval, solicitors review.
  10. Assignee deposits the first installment as per assignment of agreement of purchase of sale.
  11. Removal of conditions: deal is marked firm.
  12. Both parties apply to a vendor for re-assignment of unit.
  13. Assignor pays assignment fee to vendor.
  14. The vendor starts communicating with the assignee (as if they were the original purchaser).
  15. Occupancy and final closing with vendor as per agreement of purchase of sale (as per contract).

More articles on selling your property by assignment:

Selling your Condo by Assignment: Q&A with Yossi Kaplan

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