How to Sell a Presale Condo in BC: Assignments of Contract Sales

Selling a presale condo assignment is very different than the process of selling an existing property. Below is our step-by-step guide on how to sell a pre-construction condo in Greater Vancouver and across British Columbia, Canada. Before we discuss how to sell a presale condo assignment, we need to clarify what it is. What is an Assignment Sale for a Presale Condo in BC? A presale condo assignment is a legal transaction in which the original buyer of a presale condo a condo that has not yet been constructed transfers their purchase rights and obligations to another buyer before the property's completion. Essentially, it involves selling the presale condo contract or agreement between the initial buyer and the developer. This allows a new buyer to assume the original purchaser's position, meaning they step into the original buyer's shoes and take on their interest in the condo or townhouse even before it's built. It's crucial to understand that this is not a sale of the actual condo unit but rather a sale of the contract itself. 1 – Check the Contract & Purchase Documents The first step in selling a presale condo through an assignment is to check the original purchase contract. We primarily review the contract first to understand clearly what the potential assignor has purchased but also to understand if the developer will allow assignments or not. Some developers prohibit assignments, while others may allow them with certain and specific conditions on the marketing of the unit. Whether or not the developer allows assignments is typically stated in the purchase contract. Even if the contract says a presale buyer may assign their condo, there is always language in the contract requiring express developer permission for an assignment and the marketing of the assignment. It's crucial to first understand if we can obtain permission to assign, to avoid marketing a property that cannot be sold. 2 – Ask Developer Permission to Assign the Presale After reviewing the contract to determine if assignments are permissible, it's essential to consult with the developers to see if they are currently allowing assignments. While the contract may indicate the possibility of assignments, we cannot solely rely on it. Developers, through their lawyers, typically draft the presale condo purchase agreements with a clause reserving the…

This article is part of the PresaleProperties.com BC real estate guide library. It is intended for buyers comparing presale condos, townhomes, assignments, deposits, completion timelines, neighbourhoods and developer incentives across Metro Vancouver and the Fraser Valley.

Because presale information changes quickly, readers should verify current project pricing, floor plans, incentives and availability before signing contracts or submitting deposits. For direct help, call 672 258-1100 or request VIP access on the relevant project page.