A presale condo assignment is when a buyer of a presale condo in Fraser Valley sells their contract rights to another buyer before the condo is completed. This allows the original buyer (assignor) to transfer their rights and obligations under the presale contract to a new buyer (assignee). However, the developer must approve the assignment in writing, and they often charge a fee for the transfer.

If you're considering selling your presale assignment in Fraser Valley, here’s what you need to know:

What is a Presale Assignment?

A presale condo assignment happens when a buyer who originally purchased a presale condo in the Fraser Valley sells their contract before completion. This can be a great way to exit an investment, but it comes with conditions:

• Not all developers allow assignments – Check your presale contract.

• Developers may charge an assignment fee, which can vary.

• The original buyer must find a new buyer for their contract.

• The new buyer takes on all obligations, including paying the purchase price and closing costs.

How Does the Presale Assignment Process Work?

1. The original buyer decides to sell their presale contract and finds a new buyer.

2. Both parties sign an Assignment Agreement, outlining the terms of the transfer.

3. The developer must approve the assignment (they may charge a fee).

4. The new buyer assumes all obligations, including closing costs and final payments.

Key Considerations Before Selling Your Presale Assignment

• Check if your presale contract allows assignments. Not all projects in Fraser Valley permit them.

• Understand the assignment fees. Developers may charge a fee ranging from a few hundred to several thousand dollars.

• Market conditions matter. The value of your assignment depends on demand for presale condos in Fraser Valley.

• Work with a presale expert. Selling an assignment requires knowledge of developer contracts and assignment marketing.

Should You Sell Your Presale Condo Assignment in the Fraser Valley?

A presale assignment can be a profitable exit strategy, especially if market values have increased. However, the process can be complex due to developer restrictions and fees. If you're thinking about selling your presale condo assignment in Fraser Valley, work with an experienced presale real estate agent who understands the market and can help you navigate the process.

Need Help Selling Your Presale Assignment? Let's Talk.