What are Assignments? How do Assignments work? What should we expect from Assignments moving forward?
The Greater Vancouver real estate market has seen a tremendous amount of new construction over the years. With new construction comes assignments.
Essentially an assignment is when a purchaser of a property sells their contract to a new purchase before closing on the property. This can happen in both re-sale and pre-sale markets; however, it is much more common on the pre-construction side of things. Not all developers allow assignments, and some developers that do allow them will not allow them to be made public on MLS. Most developers charge an assignment fee ranging from a few hundred dollars to 5% of the original purchase price.
With changes to the local government policy, taxes and a shifting market we are seeing a lot of assignments come on the market.
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