Our Real Estate experts will answer all your questions and concerns about buying presale condos and assignment of contracts.
What is a Presale Condo or Townhome?
A presale is a home available to purchase before being move-in ready. You can choose to purchase either before construction starts or during construction.
What Are The Pros and Cons of Buying Presale Condos?
The Pros and Cons will depend on whether you are buying a future home to live in or for an investment.
- You are buying a brand new condo to live in once it is finished being built.
- Sometimes, you can pre-specify the appliances, colours, and fixtures you want ahead of time.
- You can secure a price when you buy without a monthly mortgage payment, property charges, and maintenance fees.
- If your objective is for an investment, you can profit from a potential rising market.
What is a Presale Condo Contract of Assignment?
“A contract assignment occurs when a buyer transfers the contract to buy property to someone else before the completion date. The buyer can transfer the contract for any price, even for a higher price than they paid for the property.” In theory, the new buyer is buying a “resale” of a previous “presale.” Hence, the coined term “presale resale.”
What are the Pros and Cons of Purchasing or Selling a Presale Assignment?
There can be advantages for both the buyer and the seller, but there can be risks and restrictions you will need to know about before you proceed. Ask an experienced presale real estate professional to guide you through.