Financing is where most BC assignment deals fall apart, and it is almost always avoidable. Not every lender will finance an assignment purchase, and among those that will, the terms and documentation requirements differ from a standard purchase. Sorting this out before you make an offer — not after — is the single highest-value thing an assignment buyer can do.
Why lenders treat it differently: they are lending against a contract rather than a completed property, they need to see the original contract plus the assignment contract plus the developer's consent, and many will base the loan on the lower of the original purchase price and the current appraised value rather than on what you agreed to pay the assignor. That last point matters — if you pay a premium over the original contract price, that premium may need to come from your own funds.
What to have ready: the original contract of purchase and sale, all amendments, the disclosure statement, the assignment contract, written developer consent, and proof of the deposits already paid. A lender who receives a complete package early will give you a straight answer early.
The other timing trap is that a presale completion date can move. Financing approvals expire. A rate hold that made sense against an original completion date may not survive a delay, so build that into the plan rather than discovering it at closing.
We work with mortgage brokers who do presale and assignment completions routinely. That is not a referral fee arrangement — it is that a broker who has never done an assignment will cost you the deal.
This is general information, not legal or tax advice. Assignment tax treatment in particular is unforgiving, and we will tell you to speak to a CPA before you accept an offer.
Yes, but not from every lender. Some decline assignments outright. Those that lend will want the original contract, amendments, disclosure statement, assignment contract, developer consent and proof of deposits paid.
Many lenders base the loan on the lower of the original contract price and the current appraised value, not on the assignment price you agreed. Any premium above that may need to come from your own funds — this surprises buyers and is a common reason deals collapse.
You typically reimburse the assignor for the deposits they have already paid, then assume the remaining deposit obligations under the original schedule. That means the cash required up front is often larger than for a fresh presale purchase.
Financing approvals and rate holds have expiry dates, and presale completion dates do shift. Confirm with your lender how a delay would be handled before you commit, rather than assuming the approval will simply carry over.
Talk to a buyer-side presale specialist: (672) 258-1100. Free contract review and valuation — we don't work for the developer.