If you have purchased a property in a development which is still under construction and wish to sell today, you must do so by way of an assignment sale. You do not have title (ownership) and the condo is not yet registered so you are selling your Purchase Agreement.
Get the Builder's Consent
The first step is to confirm and clarify the terms of your contract as to the conditions and costs associated with an assignment, usually the developer charges an administrative fee which is your responsibility in addition to any applicable commission charges. Some contracts restrict assignments, especially prior to Interim Occupancy. I will prepare a letter for you to make a formal request to the developer's lawyer to allow you to assign your agreement. A typical fee is 1% of the original purchase price.
Stop Paying for Interim Occupancy
I have created a process that allows you to be relieved of your interim occupany fees until final closing. The new buyer would assume the occupancy costs from date of acceptance of the assignment until closing. They would provide a reasonable deposit to secure the transaction. They would close and pay closing costs. You would get your deposit monies and profit at closing. The buyer would get his mortgage to cover the costs to pay you (your deposit + profit) and the balance owed to the builder. See "Buying an Assignment" below.
List and Sell
Assuming that your Purchase and Sale Agreement allows you to assign the contract prior to completion (final closing) and/or you have gained approval in writing from the Builder, you should hire a Real Estate professional who has experience and expertise in handling condo assignments. Few Realtor's have experience doing this. Please contact me, Dennis Paradis, Sales Representative, Re/MAX Hallmark Realty Ltd., Brokerage, for a successful completion of your condo assignment. See my Marketing Plan and my new website - AssignThisCondo.com.
Staging
I highly recommend you stage your unit for sale, especially if it is vacant. I have partnered with experienced stagers who can add the furniture and extras to sell your unit in days rather than months and you will usually get a higher price. Prices are lower than you might think and you can get free estimates. You will usually cover the cost of staging by the faster sale (less occupancy costs) besides getting better offers.
Contact me today so we can discuss your specific plans and requirements.
See my Marketing Plan.
AssignThisCondo.com |