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  • Aug 1st, 2020 1:04 am
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[OP]
Newbie
Jul 30, 2020
3 posts

Waterloo condo

I invested in Waterloo luxury condo in 2018. Closing is spring 2021. I need to sell it as I need the money. How do assignment sales work?
Last edited by FarahS95576 on Aug 2nd, 2020 12:07 am, edited 1 time in total.
8 replies
Deal Addict
Nov 22, 2004
1448 posts
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First step would be to confirm with the builder that 1) they allow assignment sales; 2) how much it will cost and 3) you can advertise for it. Generally condo builders are okay with assignment sales, costs range from $500~$5000 but advertising policies vary from builder to builder. Some are okay with it, others require that you find your own buyer without advertising to sell to.

If you plan to resell at a higher price then it will work similar to a resale condo, except the buyer won't be able to view the property before making an offer.
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Realtor @ Royal LePage United Realty
[OP]
Newbie
Jul 30, 2020
3 posts
Thank you for replying. There is a free assignment clause. What would be the best thing to do at this point. I just hope to get at least my money back no profit no loss.
Deal Addict
Nov 22, 2004
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FarahS95576 wrote: Thank you for replying. There is a free assignment clause. What would be the best thing to do at this point. I just hope to get at least my money back no profit no loss.
If you know someone who can buy the property off you, you can make an appointment with the builder to arrange the assignment. If you'll need to find a buyer, just confirm with the builder that you are okay to advertise it. This will allow you to list the property for sale on MLS and other advertising channels. After that, you can work with an agent or yourself to list the property up for sale.
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Realtor @ Royal LePage United Realty
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Jun 11, 2018
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Post specs of the condo or at least the project name. Might be able to find a buyer on the forum.
[OP]
Newbie
Jul 30, 2020
3 posts
Do you think I should wait to cover the lawyer fees etc? To get a bit of a profit at least 5-10 k
Deal Addict
Nov 22, 2004
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FarahS95576 wrote: Do you think I should wait to cover the lawyer fees etc? To get a bit of a profit at least 5-10 k
I don't believe the lawyer fees will be that much but if you're going to sell through agent then you should budget for the commission fees there. Even if you decide to sell it yourself but the buyer has an agent, then they'd want to be paid. Also, add HST to the commission fees.

Lastly, any profit you make on this will trigger capital gains tax, which is likely minimal if you sell near the break-even point. If, by chance, you end up selling for a loss, you can use the capital losses to offset against future capital gains.
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Realtor @ Royal LePage United Realty
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Sep 14, 2003
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Mississauga
What's the condo fee on the unit?
4chan melts your brain.
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Jul 2, 2018
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GTA
Hi, I may be interested in buying this off of you. I have sent you a private message asking for a few quick details.
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