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How the Process Works - SELLERS


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

416-399-5832

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How The Process Works - BUYERS


Step 1:  Condo Assignment Consultation - for Buyers

Please contact me, Dennis Paradis, at 416-399-5832 (cell/text) for an on-phone consult about your plans to buy an assignment property.

Requires 15 - 30 mins.

We will review the following steps and answer your questions or discuss any concerns you may have.

Step 2:  Your Financial Status and Timing

If the Preliminary Consult (Step 1 above) looks good then I will need you to provide more information about your financial status. 

You will need a current credit report with your Beacon Score - for you and any partners that will be on title. I can put you in contact with top mortgage specialists (see Team) who are experienced with condo purchases. This is essential for you!

Step 3:  You Agree to make me your Buyer Agent

The terms of the Buyer Representation Agreement will be discussed and will NOT require you to make a purchase if you should not desire to. 

It simply means that IF you decide to buy, you will buy using my services.

My fees are paid by the Seller, NOT by you. I, however, work for YOU - Not the Seller!

Step 4:  Search for and Review Properties

Note: Most often Buyers have already identified a project and even the very unit they are interested in BEFORE they contact me. However, I can assist with the Buyer process when you start from an earlier stage.

Step 5: Market Value and Cash Flow Report

You will receive a report showing the market value of the property you have selected. This will be the basis for your deciding on your Offer price.

You will receive a Cash Flow Report, an exclusive of my service, that will make sure you know the costs that that will be incurred from start (deposit) to finish (final closing) and that you have the necessary funds on hand or available.

Step 5: Offer & Agreement

I will prepare an Offer on your behalf with all the recommended time-tested terms and conditions that will benefit and protect you.

I will present this to the Seller or the Seller's agent and negotiate thru to a firm Agreement if one can be reached to your satisfaction. 

I will ensure that the process is tracked and managed thru to final closing along with your lender and lawyer.

This is a simplified summary of the Process. We will cover the process in more detail as and when required. 

Ready to Start? Give me a call now at

416-399-5832

Trust My Experience

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