Along with the rise of the Vancouver’s Pre Sale Condo market, the market for Pre Sale Condo Assignments has been a huge money maker for investors in Vancouver Real Estate.
What are Pre Sale Condo Assignments?
A Pre Sale Condo Assignment is when the original Buyer of a Pre Sale Condo sells their rights to a completed condo to another Buyer before that condo is completed. The reason the word “Assignment” is used is because the original Buyer assigns their rights to the new Buyer. The Seller of an assignment is the Assignor and the Buyer of an Assignment is the Assignee.
Are Assignments Safe?
Buyer Beware! Pre Sale Condo Assignments are extremely complicated and completely unregulated in British Columbia. If you are planning on buying a Pre-Sale Condo Assignment make sure you are working with a Realtor or a Lawyer or preferably both. Also be sure to get your Accountant involved from the start as there are many tax implications involved with buying a Pre Sale Condo Assignment, particularly with BC’s new Harmonized Sales Tax.
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