Real Estate

Assignment sales on pre-construction condo

  • Last Updated:
  • Jan 23rd, 2018 1:42 pm
[OP]
Newbie
Nov 9, 2017
22 posts
10 upvotes

Assignment sales on pre-construction condo

Typically how long one has to wait till she can sell her unit in pre construction on assignment? Assuming closing date is like 4 years later
10 replies
Member
Apr 29, 2017
207 posts
48 upvotes
Wait as long as possible. Prices only going up.
Deal Fanatic
User avatar
Sep 8, 2007
5475 posts
3642 upvotes
Way Out of GTA
Sell as soon as possible. Prices only going down.
[OP]
Newbie
Nov 9, 2017
22 posts
10 upvotes
I am asking about technicality to be able to sell, not about price going up or down. For example assignment to a relative.
Deal Addict
Oct 29, 2010
4189 posts
592 upvotes
I don't think there is a rule, the less you keep it the more likely the CRA will view it as a flip but pretty sure if you sell on paper they will view it as a flip regardless.
As long as the builder is ok with you assigning it, as long as you are ok with paying the taxes on it, chances are you can just do it.
Deal Addict
Nov 22, 2004
1292 posts
286 upvotes
Dann384476 wrote:
Jan 12th, 2018 7:02 pm
Typically how long one has to wait till she can sell her unit in pre construction on assignment? Assuming closing date is like 4 years later
There's no waiting time, but do check your APS for any clauses on assignment sales.
Heatware: 9-0-0
Realtor @ Royal LePage United Realty
Deal Addict
Mar 27, 2004
2523 posts
242 upvotes
Toronto
You need builder approval.
Realtor - Platinum award winner.
Banned
Dec 22, 2017
322 posts
122 upvotes
Dann384476 wrote:
Jan 12th, 2018 7:31 pm
I am asking about technicality to be able to sell, not about price going up or down. For example assignment to a relative.
Look in your agreement of purchase, it's all there including fees and when .

Nobody on a forum can answer you for your specific case
Banned
Dec 22, 2017
322 posts
122 upvotes
Clueless Fox wrote:
Jan 13th, 2018 5:43 pm
There's no waiting time, but do check your APS for any clauses on assignment sales.
Many do have clauses on not able to reassign until after a certain date though , I have one that did have a date and also on a percentage of builder units sold before they'll allow assignment
Newbie
Jan 22, 2018
20 posts
1 upvote
you get more money if you complete then sell. if you assign before completion usually builders get a big cut out of the transaction.
Deal Addict
Jul 29, 2006
3566 posts
451 upvotes
you need to see if your builder will let you post on MLS. Some don't allow you, and you'll be forced to post on Kijiji or other third party websites.

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