Although pre-construction condos are often a great investment, it can be challenging to get your money out early if your financial circumstances change. If your property has enough equity, One Day Assignment will purchase your pre-construction condo within one day of your request, allowing you to free up cash fast!
You always have the option to find your own buyer, but sometimes it's hard to sell a property that has not yet been completed. Be that as it may, if your financial situation changes, you still need to make the sale. We make sure there is no risk of power of sale or foreclosure that will damage your credit. We tell you what the buyout amount will be the day you sign the deal.
As Toronto's "pre-construction kings", we can always find a buyer for pre-construction developments. We started One Day Assignments to extend that benefit to you, meaning you don't have to worry about finding a buyer in your time of need- just let us know you want it sold, and we'll take care of the rest, within one day.
The value of pre-construction is typically determined by looking at the current pricing of assignment units trading the building, new construction sale prices of newer resale units in the surrounding area. Typically pre-construction condos closer to completion are more attractive to end-users who are prepared to pay a greater premium over the initial contract.
In order to get out of your pre-construction condo you can assign the unit to another buyer with the consent of the developer. In many cases there are restrictions on how you can market the property, In most cases you are not allowed to list it on MLS. You can sell it quickly to an assignment buy investors like One Day Assignment or you can try and find your own buyer. It is important to make sure that you are within the development guidelines set-out in the Agreement of Purchase and Sale or else you can void the agreement and lose your deposit.
Assigning a condo will typically have the Buyer (assignee) replace the Seller’s (assignor’s) deposit and have it credit to them as part of the deal. Profits may be realized at the time of assignment but most commonly the majority will come at final close.
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I lost my job and couldn’t afford the final payment on the condo. One Day Assignment gave me my deposits back and a profit immediately. I would’ve had to wait another 2 years at least before I could’ve sold it.
Matt, and Ryan are very pleasant, helpful and quick to reply. I highly recommend them.
Since the condo isn’t registered or “complete” you technically don’t own it yet you can’t something you don’t own. So really what you are “selling” is the contract to buy the contract from the developer through a transaction called an assignment.
An assignment is the sale of a contract of purchase and sale to a third party. The most common kind is condo assignment. A purchaser buys a condo that isn’t going to get built for 5 years from a developer.