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What is A Presale Condo Assignment ?
An assignment is when a Seller (assignor) sells their interest in a property before they take possession – in other words, they sell the contract they have with the Builder to a new purchaser.
When a Seller assigns a property, they aren’t actually selling the property (because they don’t own it yet) – they are selling their promise to purchase it, along with the rights and obligations of their Agreement of Purchase and Sale contract.
The Buyer (Assignee) of an assignment is essentially stepping into the shoes of the original purchaser.
In short, an assignment clause allows the assignee (buyer) of a home to sell the place before they take possession of it.
Read more about condo assignment of sale here.
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