4 Perfect Tips & Hacks For Condo Assignment Buyers
Assignment Sales in Surrey and the rest of the lower mainland is a very hot topic these days.
There are many amazing opportunities available for first time home buyers and investors but there are a few factors that every assignment purchaser should be mindful of:
What makes a good assignment sale to pick up as a buyer? Are all assignments the same? Does developer play a role in assignments?
In this, we’ll break down our top 4 tips for assignment buyers and sellers:
But First of All, What is an Assignment?
Before you even begin looking at the pre construction properties, it’s important to do some research about the market and what you can afford. Use our Directory to see which what types of presale projects are available in your area.
Then narrow down your search by location, price range or property type (presale townhome, presale house or presale condo). This will help you find the ideal place for you!
Related Read: Are Assignments Legal?
Tip#1: Find a realtor who is an Assignment Expert
Did you know the majority of Assignment Sales can’t be listed on MLS? This is a rule that is put in place by the developer and must be followed.
So, when listing an Assignment Sale, you need to have the right real estate agent in place that reaches the right buyer
A lot of realtors will just use Facebook ad campaign to market your assignment for them but make sure you find a realtor that goes the extra step forward for your sale.
Here at Ipresalecondos.com we put your assignment on the front page of our website and we make sure to get the right eyeballs to your pre construction listing.
Our marketing team will make consistent efforts to sell your assignment both locally and internationally. We use unconventional methods of marketing in our team that attracts both first time home buyers and savvy investors.
Tip#2: A Good Lawyer is Critical to the Success of Assignment
Just as we always say, a great team of realtor & lawyer will make your transaction stress free.
In the assignment contract there is a lot of legal jargon and technical terms that a good lawyer/realtor can help you understand.
An overlooked document or a clause that is forgotten could land any buyer or seller in some pretty serious hot water.
Certain clauses need to examined thoroughly and if you have the right team on your side they will ensure that the I’s are dotted and the T’s are crossed.
Tip#3: Have Developer on Your Side (for the Good)
If you’ve bought a pre-construction condo and you want to sell it before it’s built, you might be able to assign your contract to another buyer. However, you can’t just assign the contract on your own. The buyer must agree to the assignment and sign a document called an “assignment of contract.”
After the green light from the buyer side the final consent is still in the help of the developer. That is why working with a presale specialist like Ravi Bhindi from Ipresalecondos.com who has relationships with top developers in the city will help you tremendously.
Related Read: Assignment Buyers FAQ’s
Selling an Assignment is not a red light, but just proceed with a caution note.
Tip#4: Patience is Your Best Friend
You’re going to hear this from Ipresalecondos.com over and over again, but it’s worth repeating.
Assignment sales in Surrey & Lower Mainland are unlike any other real estate transaction out there.
Assignments take time and lot of marketing efforts to sell in a real estate market like we are in right now. Give yourself at least 60 days on the market if you’re selling – set this expectation from the get-go and you won’t be nervous or disappointed.
You’ll be happy when the right buyer comes along, or the right assignment sale in Surrey presents itself to you.
Related Read: Common Presale Mistakes
Final Thoughts
Working with a brand who has represented both buyers and sellers in Assignment Sale transactions is significant in the success of every presale assignment of contract
Having someone on your side that knows the ins and outs of buying and selling will ensure a smooth transaction and that no items are missed on either side.
Condo assignment sales, when done appropriately, can benefit purchasers, sellers, and developers.
Just keep in mind that the paperwork involved with an assignment is a bit more complicated than your standard real estate transaction.
Many agents and even real estate lawyers are not familiar with this type of sale, so make sure you use an agent who’s familiar with how to complete an assignment sale.
At Ipresale Condos we have handled a number of assignments for our clients.
Please call or text at 604-825-8881 or email at info@ipresalecondos.com for an Assignment Pro.
