Buying a Pre-Sale Assignment in BC

Are there benefits for buyers in 2024 Assignments?

What you need to know

Thinking about snagging a pre-sale assignment in 2024? Let’s break down this cool opportunity!

So, what’s the deal with assignments? It’s like buying someone else’s spot in line for a brand-new condo. And right now, it could be your ticket to a sweet deal!

Here’s why it’s worth considering:

  • You might score a better price
  • You could pay a smaller deposit
  • Move in sooner (think months, not years!)
  • Get a shiny new place with a warranty
  • Great for renting out if that’s your plan

 

Sure, it might sound a bit complex, but don’t worry! With the right help, it’s doable. Plus, you could end up with an awesome new condo faster and maybe even cheaper than you thought!

Interested in learning more? Let’s chat about finding your perfect new home!

Assignment deals can be tricky. Some realtors even avoid them! But don't worry - together, you can navigate these complex waters safely.

A contract assignment occurs when a buyer transfers the contract to buy property to someone else before the completion date.

The fine print, made clear

The paperwork

In this section, you’ll find a handy collection of the most common documents and forms you see when buying a pre-sale assignment contract. We’ve included simple descriptions for each one, so you’ll know exactly what you’re looking at.

Here’s the scoop on pre-sale assignments in BC:

These deals can be complicated, but don’t worry – we’ve got your back! Before you commit, it’s super important to review all the paperwork. We’re talking assignment fees, timelines, and developer’s restrictions. But here’s the big one: taxes, especially GST.

Here’s why it matters:

  • GST can be a grey area in assignments
  • You might be on the hook for unexpected taxes

 

Understanding this now can save you major cash later

We know it sounds boring but trust us – taking time to understand everything now will make your purchase way smoother. Plus, you’ll avoid those “Oops, I didn’t know that!” moments.

Ready to dive in? Let’s make sure you’re fully prepared for your awesome new condo!

  • Developer's Contract of Purchase and Sale

    In British Columbia, the contract of purchase and sale is a legal agreement that outlines the rights and responsibilities of both the buyer and seller in a real estate deal. Once both sides sign it, the contract is legally binding. Buyers can add conditions, known as subject clauses, to check certain details about the property before fully committing to the purchase.

  • Developer's Disclosure Statement

    A Developer’s Disclosure Statement for a presale property in British Columbia is a document that gives buyers all the important information about the project. It helps buyers understand what they’re purchasing to make an informed decision. The statement should clearly and truthfully describe everything important about the development.

  • Amendments to Disclosure Statement

    In British Columbia, if any important information is left out, changed, or incorrectly stated in a developer’s disclosure statement, the developer must file an Amendment to update it. Every buyer who hasn’t finished their purchase must be given a copy of this updated document.

What to ask and what to watch out for

Know what matters

The blog posts below address common questions and challenges you might face when buying a pre-sale assignment contract in BC.

The “Buying a Pre-sale Assignment” posts dive into the specifics of this process, while other articles offer general advice for all buyers. Whether you’re new to pre-sale assignments or just need a quick refresher, these insights will help guide you through every step.

  • 10 Questions to Ask Before Buying a Condo

    Buying a condo is an exciting milestone but has its share of potential risks and uncertainties. The complexity of the…

    Buying a Pre-sale AssignmentRead More

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We extract the important details from the contract and disclosure statement and present them to you in an easy-to-understand format.

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We connect assignees (buyers) with legal professionals that specialize in assignment sales to safeguard your investment.

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Buying a pre-sale assignment with YVR Real Estate Group

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We use our market know-how and smart marketing to create personalized real estate experiences for clients in Metro Vancouver. Whether you’re buying, selling, or investing, we tailor our approach to fit your needs and goals, making sure you have a smooth and successful experience.

  • Our property has sold $20,000 over the last similar listing!

    I love their approach. Darius walked us through the process, worked creatively, showcased our property on social media, and sold our property $20,000 over the last similar listing.

Frequently Asked Questions

Pre-sale assignments

If you can’t find the answer you need, don’t worry – chat with us! We’re here and happy to help you out!

Ask us anything

What is an assignment?

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). The assignee is the one who ultimately completes the deal with the seller.

Can I get a mortgage on an assignment sale?

Some lenders will only finance based on the original purchase price, which could be a deal breaker for many. However, most will finance based on the newly negotiated assignment price. Appraisals will be required case-by-case, depending on your loan-to-value ratio.

What is REDMA?

The Real Estate Development Marketing Act is British Columbia’s provincial real estate law that regulates the marketing and sales of new development properties and presale condos in British Columbia, Canada. This law applies to presales throughout Greater Vancouver and British Columbia.