Condo Assignment Team

to the builder. This would be payable on closing by anyone who does not intend to occupy the property, and sells it, or will not have it occupied by a family member. If the seller/assignor was renting out the property, he would still have to pay the rebate back to the builder on closing and claim it back from the government. This can be a significant expense;



3. The seller/assignor avoids the carrying costs (mortgage, maintenance fees, taxes, etc.) for the time between listing the property and selling a property. To the Buyer/Assignee:

1. The buyer/assignee may receive a price advantage over current properties on the market;



2. The buyer/assignee will receive a brand-new home and, depending on when the assignment takes place, have the ability to make finish selections;



3. The buyer/assignee may be able to avoid Toronto Land Transfer Tax if the original Agreement of Purchase and Sale was signed before December 31, 2007;



4. The buyer/assignee may be able to take advantage of the deposits of the original buyer and be able to put less of a down payment on a property than he would otherwise have been able to.