Condo sales by assignment or flipping condos has been a hot topic in the Toronto and Mississauga condo market. Many builders are offering assignment option with the agreement of purchase and sale for a fee so that investors can flip the new property before occupancy.

Whether your plans have changed or your family size has grown or you bought a condo with the intention of flipping it on completion. Sometimes you may sell your condo for financial reasons that makes it difficult to arrange a mortgage.

Dealing with sale of condo units by assignment takes knowledge of agent who is familiar with this type of sale and a lawyer who works with assignment sales. It's been the case that not too many lawyers are interested in dealing with assignments but some do and they are the lawyer you should be looking for if you are thinking of selling your condo before taking possession.

A Realtor who deals with assignment listing services can guide you through the whole process and may refer you to the right lawyer.

Keep in mind that your Realtor for assigning the condo has to be familiar with assignment sale. This is not a simple resale agreement!!!

Selling by assignment (flipping condos) is a bit different than resale. Some builders do not allow the property to be advertised or to be listed on the multiple listing services (MLS) or other media. However many other builders put some restrictions on advertising and sale of condo by assignment. For example; builder might not allow advertising or exercising the sale 4 or 5 months prior to occupancy and normally there is a fee charged by the builder.

Buyers must also know that until the condo is registered they can not get mortgage. Therefore the builder will charge a monthly occupancy fee that is normally higher than monthly mortgage payment.

Toronto real estate market have seen lots of assignment sales in the past 3-5 years and many more to come.

I will update this site with more specific information on assignment sale.
Meanwhile if you have any questions about this topic or assigning your condo please email me.

Assign your condo for a profit and move on to the next investment...

Alert:
Mirage Condos in Mississauga is now selling to VIP buyers. Register with me to be able to buy investment condo before the sale is open to general public.

Register for Pinnacle Uptown at Eglington and Hurontario. New condo project by Pinnacle International. VIP sales event starts early 2012

New condo coming up in Yorkville at Yonge and Bloor. I have the privilege of being the first group of Realtors (Brokers) with access to exclusive first time sale event. You can book a 1 bedroom unit in the mid 250s (a price unheard-of). Time and date will be announced around mid march.
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I will soon be using Assignment Listings website to post new condo assignment.