Difference between an Assignment and a Resale
Original Purchasers who are motivated to sell their property before Final Closing may have the option of selling it as an Assignment. Those who sell an Assignment before the building is registered save on Interim Occupancy Fees, Property Taxes, Land Transfer Tax, and Final Closing costs and they don’t need to wait for Final Closing – i.e. 4 – 6 years from now. Selling before closing you get the initial deposits back sooner and save on Interim and Closing costs (~upto $8000).
New Purchasers interested in buying an assignment property can take advantage of the lower assignment price, tax savings, special mortgage packages, a 7 year Tarion warranty and be secure in the fact that their condo has never been lived in.