According to the Canadian Real Estate Association, there were roughly 46,000 home sales in July of this year in Canada. Most people are aware of the standard buying and selling transactions in real estate, but a lessor known type of transaction that can happen in the real estate industry is called an assignment.
What is an assignment? An assignment is a sales transaction where an assignor (the original purchaser of a property) allows another party (the assignee) to take over their rights and obligations of the Agreement of Purchase and Sale before closing on a property and taking possession of said property. Essentially, a buyer of a home resells the property before they take possession of it.
In our example, I have a new build condominium available in the downtown area of Guelph that was purchased before construction on the building commenced. The building is due to be completed (and able for possession) early next year. Now the property is available for purchase with the added bonus of less wait time until completion than when it was originally purchased.
Our example condo, unit 507 at 150 Wellington Street, is a gorgeous condo in a new 18 storey building with all the amenities you could ask for downtown. The third floor includes a 4073 square foot recreational amenity space, professional health and fitness club, private guest suite, theatre, and a library complete with fireplace. The seventh floor includes the luxurious Sky Lounge with an outdoor terrace, private terrace and courtyard, covered gazebo and indoor lounge with bar and billiards.
The Sky Lounge
Pure Body + Mind
Packing this much into one building takes a fair amount of time to construct, so jumping in on purchasing an assignment property with only a few months to wait until completion seems like a great way to get in on the exciting new downtown skyline lifestyle.
Here’s a link to our gorgeous unit available for assignment.
507-150 Wellington Road
Done an assignment deal before? Tell us some of your tips in the comments below!