New Vancouver Assignment Listings, Assigning a Condo Residence Sale in the Lower Mainland Property Market, Current Condominium Listings

New Vancouver Condo Assignment Listings

If you are moving into the city or missed out on the pre-sales and pre-construction condominium Vancouver real estate sales launches, don’t worry, as Vancouver assignment listings for townhomes, condos and homes are available for purchase. Many people are confused about what a Vancouver condo assignment sale entails. Firstly, real estate assignments in any market begin by the developer and builder presales and selling condominium homes prior to completion. Pre-sales condos are also called pre-construction or when purchasers or investors buy these properties, it is called buying ‘off the plan” and these properties are available for assignment listings and assignment Vancouver sales later. Basically, there is no physical home or property for a home buyer to look at, see or touch. In many cases, builders and real estate developers will set up elaborate condominium sales centres and discovery presentation centres complete with fully furnished suites to give the potential buyer a sense of what the finished product will look like.

Both real estate investors as well as home buyers alike will purchase off-the-plan or presales Vancouver condos and in many ways, these are popular ways of getting into the market early and only having to pay a small deposit for a late closing (most projects pre-sell years before the completion date) giving first-time homebuyers and investors time to earn more money for a larger downpayment thus providing a smaller mortgage. When real estate investors or homebuyers purchase these presales condo homes in Vancouver, they sometimes have the option of selling the condominium by Vancouver assignment sales. What this means is that another homebuyer or investor can assume or purchase the agreement through a condo assignment at the specified price. This is great for home buyers who didn’t have a chance to purchase during the initial sales phase or for investors to make capital gains on flipping property. Vancouver assignment condominium sales are on the rise and many people are finding that it is a perfect way to get straight into the burgeoning real estate market before they are priced out of the city and from owning property.

So How Does a Condo Assignment Sale Work in Vancouver Real Estate?

How a condo assignment in Vancouver works is that any purchase of new property, whether it is a townhome or condo or home, there are taxes involved that include the GST and property transfer tax. These are paid upon completion. If an investor or home owner of a presales property in Vancouver decides to sell the condo by assignment listing, they can do so but the buyer has to agree to pay the condo owner the original deposit required (usually 5% to 25%) in addition to the capital gains that have been realized by the property since the original purchase. Take for instance this Vancouver condominium assignment example: if a real estate investor or homebuyer purchase a pre-construction Vancouver condo at $300,000 using a 10% deposit ($30,000) and lists at $350,000 one year later, then the new home buyer purchasing the assignment Vancouver condo listing will have to come up with the original $30,000 deposit in addition to the $50,000 increase in the property value for a total of $80,000 to assume the condo via assignment sale. In addition, the new buyer of the condo assignment buyer in Vancouver will be responsible for all closing costs including the GST, property transfer tax and legal dues.

The only fees associated with the original home buyer or investor who invested in the property include an assignment fee that is a certain percentage of the selling price going back to the developer (usually between 1% or 2%; so in this example, would have been 1% of $350,000) as well as the realtor fees (which is usually lower and around 4 – 6% of the selling price).

Downtown Vancouver Woodward’s Assignment – Woodwards Condo For Sale

If you are looking for one of the best deals in downtown Vancouver, this one bedroom and one bathroom presales Woodwards condo is selling via assignment real estate sales today. Only $425,000, this Woodward’s assignment condominium has great south-west views on the 37th floor of W43 (the taller condo high-rise). At 660 square feet plus a parking spot, this Woodwards assignment condo is available today. For more information, please contact mike @ 4am.ca.

SMART Gastown Condo Assignments - Concord Pacific Vancouver Development

Another great assignment deal in the downtown Vancouver real estate assignment market are two one bedroom plus den units in the upcoming Concord Pacific project called SMART Gastown. Located just four blocks from Waterfront Location and within the lively and ecletic Gastown real estate neighbourhood, the SMART Gastown assignment sales are now one of the best valued downtown Vancouver property choices that any home buyer can make. These are both over 735 square feet in size and come with a dedicated parking space on deeded title, which means that if you purchase these assignments at SMART Gastown condos in Vancouver, you will never have to worry about parking in downtown. The SMART Gastown condominium assignment condos for sale won't last long and are priced reasonably at just $375,000.

All in all, assignment sales or flipping new property in Vancouver has become popular amongst savvy real estate investors as well as home buyers who have second thoughts about moving into their new home. However, assigning real estate properties as a full-time job may be a bit tricky as many assignment Vancouver listings only work if they are close to the completion date. Remember that new home buyers will have to shell out a lot more cash in terms of deposit to secure your condominium unit through assignments and you assigning the contract to them, and many first-time home purchasers simply do not have that much money in the bank. Things to watch out for in Vancouver assignment condos are the realtor assignment fees, realtor fees as well as when the developer will allow you to sell your condominium by assignment, as often stated in the contract of purchase. There are numerous condo tower residences in Vancouver that have assignment properties and condominiums, so just look around and you will find great deals. Rennie resales and condominium assignment sales are popular by this leading Vancouver real estate marketing firm. Many developers and sales and marketing teams will help with assigning your condo property to new owners as well which makes sense as they know the development and have a list of potential buyers who missed out on the initial condominium offerings.

Condo Assignment Sales – Selling Can Be Complicated

Another excellent article written by Ryan for the MetroNews Vancouver in October. As the Vancouver real estate market continues to soften in the approach of a potential recession, more and more home purchasers of pre-built condominiums are contemplating the idea of selling their contracts which is known as a condo assignment sale. This is called the selling of a real estate assignment and can be a more complicated venture than most people assume, with potentially legal consequences. Essentially, the key difference between selling a property and selling an assignment of real estate contract is that with one comes the transfer of land and with the other comes a contract giving the right to complete on a property. It is for this reason that is is always advised you use both a realtor and a real estate lawyer to assist you through the process. These professionals will have access to contracts drafted specifically to deal with the complexities of selling and buying property assignments. One of the risks of assignment deals involved is the often misguided notion that once you sell your contract you are no longer liable to the real estate developer. What is important to note is that if the new buyer does not complete on the property, the real estate developer retains the right to seek legal action against the original purchaser. To protect yourself, you can request a release from the property developer so that you will not be legally responsible to pay should the “assignee” (individual who purchased the real estate assignment) not be able to complete. While most developers will not grant this request, it is worth asking. It is also important to know that a property developer’s permission is usually required to sell an assignment and that some developers charge for it. With all the variables, you should really do your homework. It is not a simple sale and without the help of real estate professionals, you can open yourself up to consequences.