Written by Jason Lau Tuesday, 12 February 2013 21:11
There are advantages to both the buyer (assignee) and the seller (assignor).
Assignors (Sellers): Can save money on occupancy fees, closing costs, property taxes. They may need the money for other potential investments or their circumstances may have changed and they no longer can hold on to the investment eg divorce or family crisis. They may also be moving or they can not come up with closing costs so they need to Sell!
Assignees (Buyers): Benefit from buying a unit at a reduced discounted price saving thousands of dollars compared to purchasing a resale unit at market value. They benefit since their money is not tied up for years in a pre-construction condo purchase and they get a short closing without having to wait. They also get convenience and luxury of buying brand a new unit and often pay lower maintenance fees. You can sometimes get a land transfer tax benefit (depending on when the assignor bought the unit), may still be able to select their own finishes, colors & upgrades, can inherit extras such as credits on closing and may also benefit from GST/HST credits.
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