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Buying preconstruction - Assignment

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carturo15

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Guys,

I'm planning to buy an unit through assignment, however the builder does not allow any assignment at all, not even paying a fee. Is there any way around it? what do you think? would it be possible to add my name to the papers and work something out with the seller? I would not want to pay double land transfer taxes, one when the seller closes with the builder and again when I close with the seller, it does not make any sense. any thoughts?
 
are you looking at boutique? I thought they allow assignment transfers for a fee? If there's no clause to allow the person to add a name. You might not be able to.
 
I also have a question regarding assignment.

Is there a way i can see how much the previous purchaser bought it for from the builder? Does it show on the Assignment Agreement the original price and the assignment sale price??
 
argos said:
I also have a question regarding assignment.

Is there a way i can see how much the previous purchaser bought it for from the builder? Does it show on the Assignment Agreement the original price and the assignment sale price??
Click to expand...

The Assignment is an agreement to assume the original agreement of purchase of sale so it's manadatory for the seller to disclose all the information and actually a copy of the original agreement should be given to the asignee
 
carturo15 said:
No, I'm not looking at Boutique Condos
Click to expand...

You should call the builder and ask I think. They might charge a fee for amendment maybe. But you'll have to pay a nominal fee at closing to remove the other person's name.
 
argos said:
I also have a question regarding assignment.

Is there a way i can see how much the previous purchaser bought it for from the builder? Does it show on the Assignment Agreement the original price and the assignment sale price??
Click to expand...

I purchased through assignment and was able to see what the original buyer paid (yes, it hurt LOL). I'll say "yes" because you're essentially assuming his contract with the builder so you'll be able to see the price he paid when you get all of the docs from the lawyer.
 
you should be able to see the original Purchase and Sale Agreement price if the Assignment Agreement is firm ... but probably not if you're just "looking".

i don't see the need for a potential buyer to see the price if you're just looking, as the PSA is a standard agreement from any developer.
 
JayBee said:
I purchased through assignment and was able to see what the original buyer paid (yes, it hurt LOL). I'll say "yes" because you're essentially assuming his contract with the builder so you'll be able to see the price he paid when you get all of the docs from the lawyer.
Click to expand...

mind if i ask how much the increase was? :D just curious, hehe.
 
Agreed, you will eventually have to see the price that the original owner paid as it will form part of your agreement with him. But you probably be required to offer a price that both parties accept before you actually see the price that the original party paid.
 
Bump on assignment issue...

Is there any way around buying off a seller if the builder doesn't allow assignment!?!? I am really interested in a place, but the deal could not go through and I want to know if it's because the builder doesn't allow assignments and if so, if there is absolutely anything else I can do.

Thx!
 
did you ask if you can append a name to the purchase? If so, you can remove the name of the other person at closing.
 
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