Step 1: Condo Assignment Consultation - for Sellers
See below for BUYERS
Please contact me, Dennis Paradis, at 416-399-5832 (cell/text) for an on-phone consult about your plans to sell or buy an assignment property. Or, email me to call you after you send your info form about your condo - see Step 2. Please specify in your email call-back times you prefer.
Consult usually requires 15 - 30 mins.
We will review the following items and answer your questions or discuss any concerns you may have about the requirements and process:
1a. Realty Fees - Listing Side: 3.0 % - 4 % plus HST - based on your new assignment selling price. Discounts of up to 1% may apply to make the best case listing fee as low as 3%
1b. Realty Fees - Buyer Co-op Side: 2.5% plus HST - based on your new assignment selling price.
Total Realty Fees (Listing + Buyer): 5.5 - 6.5% plus HST
Listing Fees may be lower based on several factors - MLS available (permission to use), closing date, multiple unit discounts, advanced payments.
2. Listing period is a minimum of 6 months - depends on the market and starting season.
3. Your builder allows Assignments and has given you permission "in principle" to assign in writing (email is fine). They always reserve the right to "final approval "of your new buyer (assignee) based on a credit check and proof of financial pre-approval.
4. Net Proceeds paid out usually at Final Closing - Net Proceeds is your Profit (sell price less the buy price and selling expenses. In addition, you get back all the deposits you made to the Builder.
There are three possible payout dates:
1. Date Assignment is approved by Builder (this is trending up in frequency, had all my assigns paid out in advance in 2019) This the earliest any settlements between the Assignor and Assignee can be arranged
2. Any time in between 1. Above and 3. Below.
3. Final Closing (latest settlement date) after condo registered and the title is transferred to Assignee. All Selling parties to the sale (Assignor/Builder) get paid by the Assignee.
Note: Advanced payments are highly negoitiable and the amounts full or partial of the deposit plus profit involved.
Step 2: Please Complete Your Condo Profile
If the Preliminary Consult (Step 1 above) looks good then I will need you to provide more information about your property. These details are used in Step 3 to establish your property market value and list price.
If you are ready, please complete the form:
Step 3: Consult by Phone on Market Value & List Price
(More details below)
After we agree on the Market Value & List Price and the terms of the Agreement, the next step is to Complete the Assignment Agreement, Step 4, below.
Step 4: Assignment Agreement
There has been no cost or obligation for you up to this point.
To proceed from here, we need to commit to working together via a Listing Agreement and related documents, e.g.; Working with a Realtor.
The Listing Agreement (TREB Form 200a) is the same as used for authorizing an agent to list and sell a condo resale but with important differences when it comes to the data available to complete the form, eg; property taxes and condo fees are merely estimates.
Step 5: Implement Your Premium Assignment Marketing Plan
Marketing Plan is activated
Step 6: Offers Negotiated, Conditions Managed and Deal Closed
We receive offers, negotiate a deal, manage the conditions, get final approval from the Builder whereby the new buyer "steps into your shoes" as the assigned buyer of the property.
All costs associated with the purchase going forward are now borne by the Assignee (new buyer) including future deposits if any, and occupancy fees and of course final closing costs.
Then, we all wait for the date when monies are dispersed (as explained in Step 1 - part 4, above).
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