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 about your condo - see Step 2. Please specify call-back times you prefer.
Requires 15 - 30 mins.
We will review the following steps and answer your questions or discuss any concerns about the requirements and process:
1a. Realty Fees - List 4 % plus HST - based on your new assignment selling price.
1b. Realty Fees - Buyer side 2.5% % plus HST - based on your new assignment selling price.
Total Realty Fees: List + Buyer = 6.5% + HST
Listing Fees may be lower based on several factors - MLS available, closing date, multiple units, advanced payments.
2. Listing period is minimum 5 months - depends on market and starting season.
3. Your builder allows Assignments and has given you permission in principle to assign in writing (email is fine). They 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 (buy price-sell price) less selling expenses. In addition, you get back all the deposits you made to the Builder.
There are three possible payout dates:
1. Final Closing: after condo registered and the title is transferred to Assignee. (80% of the cases).
2. Date Assignment is approved by Builder
3. Occupancy Date
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 an Assignment Agreement.
This is similar to a Listing Agreement used for authorizing an agent to list and sell a condo resale but with important differences,e.g; no firm closing date, you are not the owner yet, usually we cannot use MLS, requires Builder acceptance of new buyer and more.
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)
Ready to Start? Give me a call now at
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