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Email this10:01 pm
February 20, 2018
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You hear in the news condo project cancelled everyone gets their deposit back but what about those who bought an assignment on a cancelled project they lose any profits right? The media doesn't talk about this maybe some of these cancelled projects are to shake out speculators..
Is buying and selling condos on assignment easy money in the last 10yrs? Fees, contracts, commissions etc.. maybe the buyer holds back profit payment till close in case project cancelled. Can assignment clause be added to original buyer new project purchase what percent of builders allow..
10:33 pm
December 12, 2009
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Can you clarify what you mean by "buying an assignment"? You're talking about putting down a deposit on a presale, or no? Can you clarify?
Cheers,
Doug
7:20 am
February 20, 2018
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"An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer's rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property)"
7:44 am
December 12, 2009
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hotmony said
"An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer's rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property)"
Weren't the B.C. real estate agents doing this until the practice was banned a couple years ago by the newly-minted B.C. NDP government or soon-to-be-former B.C. Liberal goverment?
I'm pretty sure this may even be banned in B.C. outright. I can't see any reason as to why it should be legal.
Cheers,
Doug
5:25 pm
September 11, 2013
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hotmony, if you buy a right to buy a condo from a prior purchaser and the project is cancelled, I'd assume your only remedy would be whatever you made sure to put in the contract when you bought it. I see no problem if willing buyers and sellers come together to enter into such a contract, assuming the builder allows that right to resell to the original purchaser of the unbuilt condo from the builder. However I bet different provinces might have different rules about this as politicians love to protect us from our own stupidity, to treat us like children, because it looks like they're looking after us (it's virtue-signalling) and then we vote for them.
5:41 pm
December 12, 2009
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Bill said
[snip] However I bet different provinces might have different rules about this as politicians love to protect us from our own stupidity, to treat us like children, because it looks like they're looking after us (it's virtue-signalling) and then we vote for them.
After I posted my reply, I realized that I was just advocating for a bit too much intervention, which runs counter to my increasingly libertarian (a.k.a. classic liberal) philosophies. I couldn't agree more with the last part of your comment, upon reflection, Bill.
Cheers,
Doug
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