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▼ How Condo Assignment Works - Buy Time with Cash
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Last week, the Bank of Canada raised the interest rate again by 25 basis points, bringing the overnight rate to 4.5%.
Typical mortgage rates now sit at around 5 to 6%.
And that is causing one type of sales to become popular in the Toronto real estate market.
Assignment sales.
People with upcoming pre-construction closings may have problems getting a mortgage at the high rates.
They want to find a buyer who is willing to take over the purchase agreement that they signed with the developer maybe a few years ago.
So they want to ““assign”” the unit to a new buyer.
If you don’t know how an assignment sale works, you can watch the video at the link below.
Now, some people see this as an opportunity to go back in time and potentially purchase a unit at the original price from a few years ago because the seller is now having a crisis.
That’s why assignment sales have become popular.
Before you get too excited about striking some deals, make sure you are aware of these 3 assignment traps.
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