What do you do if you wish to buy a condo by a top developer only to find that all condos in your chosen area have been sold out? Even if you discover that condos you wish to own are sold out, you can still buy them with condo assignment. That is possible with an ‘Assignment of Agreement of Purchase and Sale’ or what is also known as ‘flipping a home.’
What is an Assignment of Agreement of Purchase and Sale?
https://buildersontario.com/HST/calculate.php
Before you start calculating HST rebate on your new home, it is important to understand that the Provincial component of the HST rebate is fixed at 6% to a maximum of $24,000, the federal portion of the HST rebate is on a sliding scale, reducing to zero once the builder’s base price or “consideration” exceeds $450,000.
When it comes to buying a condo in Toronto, you've got two options: resale (buying a unit in an existing building) or pre-construction (buying in a development that hasn't been built yet). It's certainly hard to miss the sexy marketing for developments in the city’s coolest ‘hoods. But while pre-con has some definite benefits, it has some negatives too. Same goes for buying resale. What's right for you depends on your budget, your timeframe and your comfort level.
Homebuyers exploring the idea of purchasing a new or pre-construction property (or already closed on one) are often confused about the HST rebate. Questions like, “Who pays for HST on a new home?” and “How is the HST rebate calculated?” are often top of mind. And for good reason. The HST rebate can add up to a sizeable sum and mean upwards of a $30,000 difference to your bottom line.
GENERAL QUESTIONS
1. What is an assignment?
Assignor:-
1. Is the original Agreement of Purchase and Sale assignable?
2. Are there any restrictions on marketing the Assignment? • MLS® , Exclusive, or Privately
3. The Builder may require the Assignor and Assignee to sign the Builder’s consent form or the Builder’s Assignment Agreement. • The Assignee may be required to prove that they can obtain a mortgage.
4. The Assignor usually agrees to obtain Builder consent and pay consent fee (may be the Assignee).
1. The key is to buy small when buying for investment. Smaller unites are easier to sell or rent out and there is less exposure to market fluctuations. For instance, it is better to buy two 500 square foot units comparing to buy one 1000 square foot.
2. Parking isn’t worth the money from an investor’s perspective as it is selling as high as $40,000. So my recommendation is to buy near or on transportation lines.
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