Real Estate

Do I need a realtor for condo assignment?

  • Last Updated:
  • Mar 11th, 2021 5:38 pm
[OP]
Deal Addict
Oct 8, 2015
2153 posts
1928 upvotes

Do I need a realtor for condo assignment?

We bought a condo back in 2017 and it's still under construction. We monitor the construction every other week and the previous two phases were completed (with some delay due to COVID, of course) so the construction will close for sure.

However, now we want to assign the condo as we have kids so large living space is needed.

Has anyone done condo assignment on your own before? What are things that need extra attention and the fees associated with the process?
9 replies
Deal Fanatic
Mar 27, 2004
6116 posts
4013 upvotes
Toronto
yes you do. assignment are more complicated and not every agent would even know what to do.
Full-time Realtor
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User avatar
Apr 12, 2013
2470 posts
1316 upvotes
Moon
No you dont need a realtor, you do need a lawyer though. I do think getting a realtor is recommended unless its a friends and family transaction.
Koodo, Public Mobile, Lucky Mobile Customer
Deal Fanatic
Mar 27, 2004
6116 posts
4013 upvotes
Toronto
you need a realtor that can find you a buyer.
Full-time Realtor
Deal Addict
Feb 19, 2019
1354 posts
1966 upvotes
Stouffville ON
You will make more money if you sell after closing if this is at all possible, the pool of buyers for assignments is much smaller.
Full Time and Full Service Realtor
Deal Fanatic
Dec 20, 2018
5837 posts
4886 upvotes
oasis100 wrote: you need a realtor that can find you a buyer.
Don't most realtors just post assignments on the various FB assignment groups? I see even the big condo agents all just post there with deals either selling or buying

As assignment can't be listed on MLS generally, what additional resources does an agent have to find buyer for assignment?

I'm not saying not to use or don't need agent necessarily but really interested in what other things an agent looking for buyer for an assignment is able to provide beyond their potential clients who maybe interested in buying but that's conflict of interest I would think?
Deal Fanatic
Mar 27, 2004
6116 posts
4013 upvotes
Toronto
StatsGuy wrote: Don't most realtors just post assignments on the various FB assignment groups? I see even the big condo agents all just post there with deals either selling or buying

As assignment can't be listed on MLS generally, what additional resources does an agent have to find buyer for assignment?

I'm not saying not to use or don't need agent necessarily but really interested in what other things an agent looking for buyer for an assignment is able to provide beyond their potential clients who maybe interested in buying but that's conflict of interest I would think?
some agents have large networks. could be their own Instagram page. could be within their own brokerage. those fb groups don't allow non realtors. so what options does op have? use kijiji. good luck with that
Full-time Realtor
Deal Fanatic
Dec 20, 2018
5837 posts
4886 upvotes
oasis100 wrote: some agents have large networks. could be their own Instagram page. could be within their own brokerage. those fb groups don't allow non realtors. so what options does op have? use kijiji. good luck with that
the FB groups allow non realtors..or are there secret ones? i see realtors post on the FB groups (which i'm part of) and agents posting deals, other agents asking for info etc..
eg Toronto Condo Assignments, Toronto Real Estate Assignment Sales Network, Assignments FOR SALE etc... some are private groups that you just request and they'll add you, others are public.

i'm not saying a realtor is not important, i think it's more important in assignments as it's not really an actual purchase and sale of a property, but was more interested in what additional tools they have and it seems not really beyond usual network and posting on FB groups.
Deal Fanatic
Apr 5, 2016
5561 posts
4011 upvotes
Calgary/Vancouver
Before when you didn't need a lawyer, a realtor was needed as they can handle the transfer of assignment. Now you need a solicitor to do it. They also do it this way so you have to declare income allegedly. Back in the day, you can do everything with a realtor and it doesn't touch your name so no declaration.

Now Realtors socialize and some only do assignments. There's still a good amount of ppl willing to take over assignments as potentially it can be cheaper and may be a desirable unit or development.

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