{"id":827,"date":"2017-01-18T17:49:53","date_gmt":"2017-01-18T17:49:53","guid":{"rendered":"http:\/\/www.chrisbrownrealestate.ca\/blog\/?p=827"},"modified":"2017-01-18T17:57:19","modified_gmt":"2017-01-18T17:57:19","slug":"10-steps-before-buying-or-selling-an-assignment-contract","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/10-steps-before-buying-or-selling-an-assignment-contract\/","title":{"rendered":"10 steps before buying or selling an assignment contract"},"content":{"rendered":"
\"\"<\/a>

The Wohlsein in Mt. Pleasant sold in 2015 at an average of $650 per .sq. ft. That market has risen 20-25% in two years, resulting in a number of original buyers assigning their purchase contracts for a lift.<\/p><\/div>\n

P<\/span>eople\u00a0buy and sell real estate in BC with a document called the Contract of Purchase and Sale. It describes the rights and obligations of the buyer and seller.<\/p>\n

A contracting party can sell those rights to someone else unless the contract states otherwise. This type of transaction is known as an assignment agreement.<\/p>\n

In simple terms, someone can buy the right to step into the original buyer’s shoes to complete the contract.<\/p>\n

The person selling the contractual rights\u00a0is the assignor. The person buying the rights is the assignee. The money the assignee pays for the contract is the assignment fee.<\/p>\n

Real estate contracts are assignable under the law unless the home seller includes a clause that expressly forbids it.<\/p>\n

Here are 10 steps to take before you enter into an assignment deal.<\/p>\n

You should ensure that:<\/strong><\/h4>\n
    \n
  1. you work with a REALTOR\u00ae. Your REALTOR\u00ae will help protect your interests and bring knowledge of the provincial legislation that governs real estate transactions.<\/li>\n
  2. the person assigning the contract has the right to do so;<\/li>\n
  3. the original contract permits assignments;<\/li>\n
  4. the original seller is aware of the assignment;<\/li>\n
  5. the property is or was listed for sale;<\/li>\n
  6. the identity of every individual involved in the transaction has been verified;<\/li>\n
  7. all money already paid and owed is accounted for and dealt with in the assignment contract;<\/li>\n
  8. you seek legal advice before agreeing to pay the assignment fee;<\/li>\n
  9. you understand the additional risk associated with paying the assignment fee before the original contract is finalized; and<\/li>\n
  10. you consult an accountant to understand the tax implications.<\/li>\n<\/ol>\n

    Considering selling or buying an assignment contract? Contact Chris at 778-881-0673 or by email at chris@chrisbrownrealestate.ca for a no obligation\u00a0consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

    People buy and sell real estate in BC with a document called the Contract of Purchase and Sale. It describes the rights and obligations of the buyer and seller. A contracting party can sell those rights to someone else unless the contract states otherwise. This type of transaction is known as an assignment agreement.<\/p>\n","protected":false},"author":2,"featured_media":830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[12],"tags":[333,292,334],"class_list":["post-827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-for-buyers","tag-assignment-of-contract","tag-assignment-of-sale","tag-buying-assignment-contracts"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/827"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=827"}],"version-history":[{"count":4,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/827\/revisions"}],"predecessor-version":[{"id":833,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/827\/revisions\/833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/830"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}