Well, it depends upon the closing date and the terms of the assignment agreement that the Assignor & Assignee agreed on. It might be when the assignee gets hold of the property or when he obtains the legal title.
Assignment FAQ’s
We are Home Sweet Real Estate.
Why West City Condos?
West City Condos is not your ordinary Real Estate firm. We put your best interest ahead of everything else and this shows the level of service we offer. We avail you of all the necessary information required to make a purchase or selling.
How can you get the maximum price for the home?
We will recommend you the best exercises that will escalate your home’s value. We will professionally carry out the appraisal before you put it on the market. We might recommend maintenance wherever required to boost your home’s net value.
What’s happening in the real estate market?
Real Estate is predicting a fall of approx. 25% between 2021 and 2022. Get connected to hear more on housing insights.
Is there any cost of assigning an Agreement Of Purchase & Sale?
Yes, the agreement of Purchase & Sale does include the administration fee and legal fee which may vary accordingly.
What is an assignment?
An assignment is essentially a sale of a contract or right to acquire property. It is basically a transaction whereby the original purchaser (the “Assignor”) of a property sells, and thereby transfers, their interest, and obligations under the original contract to a new purchaser (the “Assignee”).
Who is Assignor?
An Assignor is the original buyer of the unit from the Builder/Developer.
Should the Assignor and Assignee hire a lawyer for the legal services obtained?
It is essential that the Assignor and Assignee each retain a lawyer with expertise in this area of real estate.
What if the Assignee doesn’t close?
Then there is no sale made. Both the Assignor and Assignee will be liable to close a deal.
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