Question 1

What is Assignnow?

Accepted Answer

Assignnow is a professional platform designated for pre-construction assignments.

Question 2

What is assignment?

Accepted Answer

An assignment sale occurs when the initial buyer (Assignor) transfers the rights of a pre-construction property before taking possession. In essence, the Assignor sells the contractual agreement with the developer to a new purchaser (Assignee).

Question 3

Are assignment sales legal?

Accepted Answer

Certainly, assignment sales are permitted by law. Typically, developers will incorporate a clause in the original Agreement of Purchase and Sales to address such requirements.

Question 4

What are thee benefits of an assignor?

Accepted Answer

Sellers achieve prompt liquidity, saving both time and thousands of dollars in closing and mortgage expenses.

Question 5

What are the benefits of a assignee?

Accepted Answer

The purchaser secures an excellent deal through negotiating substantial savings compared to resale and other pre-construction units. They also benefit from moving into a pristine, never-lived-in home with a complete warranty, realizing their dream of a new home within a matter of weeks or months.

Question 6

Does either assignee or assignor need lawyer service?

Accepted Answer

It is crucial for both the assignor and assignee to engage the services of a lawyer specializing in this particular field of real estate.

Question 7

What is the process of an assignment transaction?

Accepted Answer

Propose an offer and deliver the deposit within 24 hours of offer acceptance.
If there are conditions in the offer, such as lawyer review or financing, allow 3 to 5 business days for the conditions to be waived.
Once the conditions are waived, the deal is finalized.
The assignor’s lawyer submits the assignment request to the builder. Both the assignee and assignor prepare necessary documents for the builder’s review.
The builder provides a consent document, requiring signatures from both parties. The assignee pays the remaining funds to the lawyer’s trust account, as outlined in the agreement.
The builder executes the assignment agreement, and the deal is officially closed.

FAQ

Frequently asked questions