Life happens. Plans change. Here is how you can sell your pre-construction contract before the building is even finished.
You bought a condo 3 years ago. Now, it's almost ready, but your life has changed. Maybe you moved cities, got married, or just want to cash out your profits.
Enter the Assignment Sale.
What is an Assignment?
You aren't selling the condo (because you don't own it yet). You are selling your contract—the right to purchase the condo—to a new buyer.
Why Do It?
1. Profit Taking: If you bought for $500k and it's now worth $700k, you can assign the contract and walk away with the difference (minus fees) without ever getting a mortgage.
2. avoiding Closing Costs: If you can't qualify for a mortgage anymore, assigning is your escape hatch.
The Catch
Assignments are complex. You need:
- Developer permission (some charge a fee)
- A specialized lawyer
- An agent who knows how to market these (since they often can't be listed on MLS)
We specialize in assignment sales. If you're looking to buy a "distressed" assignment deal or sell yours, we have a private network of investors ready to move.
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Written by
Precon Factory Team
Real Estate Investment Expert
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Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial, legal, tax, or real estate advice. While we strive to keep the content accurate and up-to-date, PreconFactory makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, or suitability of the information. Real estate markets, interest rates, government programs, and regulations are subject to change—verify current facts with official sources (Bank of Canada, CRA, TRREB, Tarion, your municipality) and your licensed professionals. Past performance is not indicative of future results. Prices, incentives, availability, transit timelines, and project details mentioned may vary and should be verified directly with developers or your licensed real estate professional. Always consult with qualified professionals, including a licensed real estate agent, mortgage broker, and lawyer, before making any real estate investment decisions. PreconFactory is not responsible for any losses or damages arising from the use of this information.
