✧ It happened again. The phone calls with requests for help to get away from the purchase of a pre-construction condo. The construction of new buildings takes some time. People’s plans change and they want to re-assign their rights under the agreement and get their deposits back.
✧ The problem is that the assignment clause has to be incorporated in the agreement in order to expect it to happen. If there is no such clause, it’s highly unlikely that the builder will allow the assignment.
✧ Moreover, builders sometimes do not include the assignment clause in the agreement unless expressly requested by the purchaser. As a result, some purchasers in the same building might be allowed to assign and the others don’t.
✧ It’s imperative to understand that even if the assignment is allowed by the agreement, the original buyer is not free from any obligations upon the completion of the assignment. The builder may claim damages from the original buyer, should the new buyer (under the assignment), fail to fulfill their obligations.
✧ It is worth to know all the aspects of the new condo purchase and sale agreement before acquiring the property. Have questions? Book a consultation.