Real Estate

How much does it cost to sell assignment

  • Last Updated:
  • Mar 3rd, 2020 11:42 pm
[OP]
Newbie
Apr 7, 2019
35 posts
8 upvotes

How much does it cost to sell assignment

Hi I am considering selling my condo on assignment this year. Wanted to know how the process works and how much it cost.

When I sell who pays the hst. It was included in my sale. Also I have been offered a offer already but gonna wait until summer as prices might go up. Condo will be ready next year. Dues to circumstances I dont want extra burden of 2nd mortgage to hold for couple years and sell. Had planned to live here but circumstances changed.

There is a 2500 charge to sell on assignment from builder. What is process to get go ahead from builder. Can they cause problems. Who handle that part. My realtor or a lawyer has to write to them. I not sure how it all works that part.

Do I have to hire a specific kind of lawyer to handle this or can just hire any lawyer and my realtor agent can handle. How much will it cost me in legal fees and real estate agent fees plus any other fees.

Any advice on this matter is greatly appreciated thanks guys. Fantastic forum.
7 replies
Deal Addict
Mar 27, 2004
3732 posts
1206 upvotes
Toronto
where is it
Full-time Realtor
Newbie
Jul 21, 2019
35 posts
14 upvotes
If prices on codo.ca and others are an indication, you may be getting a significant hit. GST is a small amount, the bigger problem is that most banks will lend only up to the original purchase value (and not the assignment sale value). So the buyer would have to pay the difference out of pocket. Depending on when you purchased the property and gave a downpayment, it may be a large amount. There is a reason why re-assignments in downtown Toronto are going for 900-1000/sq ft, while resales in downtown core are hitting above 1200/sq ft.
liquidsuite wrote: Hi I am considering selling my condo on assignment this year. Wanted to know how the process works and how much it cost.

When I sell who pays the hst. It was included in my sale. Also I have been offered a offer already but gonna wait until summer as prices might go up. Condo will be ready next year. Dues to circumstances I dont want extra burden of 2nd mortgage to hold for couple years and sell. Had planned to live here but circumstances changed.

There is a 2500 charge to sell on assignment from builder. What is process to get go ahead from builder. Can they cause problems. Who handle that part. My realtor or a lawyer has to write to them. I not sure how it all works that part.

Do I have to hire a specific kind of lawyer to handle this or can just hire any lawyer and my realtor agent can handle. How much will it cost me in legal fees and real estate agent fees plus any other fees.

Any advice on this matter is greatly appreciated thanks guys. Fantastic forum.
Newbie
Mar 11, 2018
66 posts
20 upvotes
SmGuyInToronto wrote: If prices on codo.ca and others are an indication, you may be getting a significant hit. GST is a small amount, the bigger problem is that most banks will lend only up to the original purchase value (and not the assignment sale value). So the buyer would have to pay the difference out of pocket. Depending on when you purchased the property and gave a downpayment, it may be a large amount. There is a reason why re-assignments in downtown Toronto are going for 900-1000/sq ft, while resales in downtown core are hitting above 1200/sq ft.
Just curious - where do ppl list assignment sales? I don't think I see many on realtor.ca or zolo or other platforms
Deal Addict
Mar 27, 2004
3732 posts
1206 upvotes
Toronto
PeeKayShree wrote: Just curious - where do ppl list assignment sales? I don't think I see many on realtor.ca or zolo or other platforms
A well connected realtor usually can get the word out on an assignment. there are also Facebook groups. kijiji.
Full-time Realtor
Newbie
Jul 21, 2019
35 posts
14 upvotes
You can find them at the usual places -- condos.ca, zolo.ca, craigslist, kijiji, etc. The easiest way is to find buildings who's construction is completing soon.
PeeKayShree wrote: Just curious - where do ppl list assignment sales? I don't think I see many on realtor.ca or zolo or other platforms
[OP]
Newbie
Apr 7, 2019
35 posts
8 upvotes
Ok updated as figured hst is on total amount.

How much is best rate real estate agents will charge.

One told me as its assignment its 1percent their charge and 2.5percent buyers charge. Another emailed me and said its 5 percent 2.5 each agent????
Is that all normal i can expect between 3.5 and 5 percent and nothing less then that?

What if i find buyer myself then can i not just have a lawyer handle things. Maybe not but just a thought. Let me know any thoughts on that. Thanks

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