What are the benefits to the assignee (new buyer)?
Immediate occupancy. Often faster than a buying a resale and many years sooner than buying new from the Builder.
- A new unit (often never occupied/never rented).
- All new warranties (manufacturer’s 1-year on appliances and 1 & 5 & 7-year Tarion).
- The PDI (pre-delivery inspection) has been completed. In some cases you may get to do this.
- Pay much below the market price, and avoid beating offers.
- May have an opportunity to see the unit and building rather than buying from pictures (only applies if interim occupany has started).
- have chance to choose color selection and upgrade.
- Don’t have to check MLS and see units all the time.
What are the benefits to the Assignor ( original buyer/investor)
- Not having to pay the interim occupancy fees (often 6-12 months or longer)
- Not having to pay the closing costs, including those “open ended” levies.
- Not having to pay the Land Transfer Taxes.
- Getting your deposit back plus interest, if any.
- Making a reasonable profit on the market appreciation of the condo unit.
- If you happen to be a first time buyer, you would retain your status for the next purchase (assigning means you never took title so you still qualify) and be entitled to the credits when you do buy and take possession on your next home purchase.
- Not having to pay HST rebate amount – can be as much as $24,000