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Presale condo assignments ARE NOT Shadow Flips and DO NOT push up real estate prices in Vancouver

Recent media articles on presale condo assignments of contract have been full of factual errors and have misrepresented presale assignments as shadow flips. Presale condo assignments ARE NOT Shadow flipping. Let's clarify. What is a Shadow Flip? A shadow flip is when an existing property primarily a single family house or single family house lot is purchased by a buyer under false pretenses. The contract that was used to purchase the property has a clause in it saying that the buyer can assign the contract without the permission of the seller. This practice victimized unsophisticated sellers of single-family houses in…

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Pre Sale Condo Assignments in Vancouver – What are They? Are they Safe?

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 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…

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