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Buying an Assignment in BC

There are many advantages to buying a pre-sale home, which is why they often sell out quickly. If the project you were interested in is sold out, you can still buy an assignment.

Acquiring an assignment is not a decision to be taken lightly. It involves purchasing the rights to the original buyer’s purchase agreement, with all its terms and conditions. It’s akin to buying concert tickets from the original ticket holder, not from Ticketmaster. While buying a pre-sale assignment may be alluring, it’s crucial to thoroughly consider some key factors before committing.

    Frequently asked questions

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    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.

    The Vancouver real estate market is high-stakes and can feel fast-paced, highly transactional, and overwhelming. Real estate is inherently personal and not a one-size-fits-all solution. We understand that you deserve the best representation to achieve your goals seamlessly. Take control of your future today.

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