Toronto Condos and Lofts are changing hands in a staggering pace.Annually, about 20,000 condos are added up to the market via non-MLS methods, usually sales centres for new developments, or directly from builders, then, another 85,000 transactions or so occur via MLS each year, and unknown amount of “flips” or “contract assignments” as we Realtors call them, take place. Want in? read this:
So what is a contract assignment?
Lets say you bought a condo a couple of years back from a developer and now the building is under construction or nearing completion. You reckon that prices have gone up and want to cash in on your investment, basically you want your downpayment back and a bit of profit.
So what’s involved?
OK, first, you have to research an find out if the builder allows you an “assignment” or not. You could still sell the contract either way, but whichever legal documents you signed on will determine the way of which the sale would occur.
So how can I tell?
Fax me your documents at 1-866-598-6001 and I’ll have a look and be able to tell you what’s the best way to sell your contract.
Great! what about price? I want to make a lot of money!
As a Seller, you are entitled to ask for whatever price you want, and Buyers are entitled to offer you whatever they think is viable for them to pay for your contract. The trick is to find a way which would satisfy both sides, and as we all know it ain’t always easy.
So what do you do for me?
First, we will assess your purchase and tell you what we think you could get for it.
Second, we will assess the process of which your contract should be presented to potential buyers, and to our network of buyers and sellers.
Last, we will have you give us your written permission to sell your contract on your behalf, and immediately get to work of marketing and negotiating the best possible deal for you.
Yossi Kaplan, MBA