Answer:-
A condo assignment sale occurs when the original buyer of a pre-construction condo sells their purchase agreement to another buyer before the condo is completed or occupied. The new buyer takes over the rights and obligations of the original contract, often paying a premium based on market conditions. This process can benefit buyers who want to secure a unit in a hot real estate market, like Toronto, without waiting for the building’s completion. However, it's important to consider builder approval, assignment fees, and potential taxes. Consulting with a real estate lawyer is highly recommended to ensure a smooth transaction.
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