What is an Assignment Property?
Also known as an off-market listing or exclusive listing, an assignment is the sale of a unit that was purchased by a buyer (assignor) during the pre-construction phase of a development and sold to a new owner (assignee) before completion.
Here is an example of the process:
John Doe finds a great pre-construction development and purchases a unit in the building. At this stage, John Doe is actually purchasing the rights to the unit via a purchase agreement, since the building is not completed.
Before the building is completed and registered, John Doe has a change of heart. Perhaps he’s relocating or his family has grown since his initial purchase and he needs more space. Since the completion of a pre-construction development can take a few years, this is quite common.
Due to the assignment clause in his purchase agreement, he is able to sell the contract for his unit. John Doe reaches out to The Zadegan Group for help — he knows they are the local experts in pre-construction and assignment sales, and trusts their expertise.
The Zadegan Group takes on the sale of his contract, and with their established knowledge of the process and network of qualified buyers, are able to quickly find a buyer.
The Zadegan Group guides both parties through a hassle-free sale; the buyer is excited to have purchased a unit in a building they originally missed out on, and John Doe has recouped his investment.
How Buyers Benefit
Buying an assignment property is a fantastic opportunity for buyers for many reasons:
Better Opportunities: Oftentimes, buyers miss their chance on a pre-construction project and have to wait years for a unit in the building to come on the market. With assignments, buyers can get into their dream building earlier, sometimes just a few months before occupancy.
Less Competition: Assignments are a lesser-known purchasing option, therefore, fewer buyers pursue them. Assignment buyers can usually avoid stressful multiple offer scenarios and leverage a seller’s need to sell quickly.
A Brand New Space: Assignment buyers reap the benefits of purchasing in a brand new building. If they purchase early on in the process, they can usually select their finishes and upgrades, depending on the builder and contract.
Selling An Assignment Property
Have you invested in a pre-construction unit that you now want to sell? The Zadegan Group is your key to a smooth assignment sale. Here are the advantages of selling your assignment with our team:
An Extensive Database: There are certain advertising restrictions for assignment sales (set by the builder) that make it more important than ever to work with a well-connected team. Our global network and established database of buyers will help your assignment reach a large number of people and sell for the highest possible price.
Exclusivity: Every aspect of your sale will be handled exclusively by our team, with support from our extended team of trusted professionals.
Swift Profits: With years of experience selling assignments, we have the expertise needed to help you secure your equity as quickly as possible and will ensure your profits reflect current market values.
More Insight From Our Team
Read our latest blog posts about assignments and pre-construction here.