Edge Tower 2
Assignment sale, closing date.
Feb 15, 2023
Deposits Paid
Asking Price: $ 598,000
Closing Date: Feb 15, 2023
Status: Available
Builder: Solmar Type: Condo Project: Edge Tower 2
City: Mississauga
Model: Unknown
Lot Size: Unknown Square Footage: 526
Bedrooms: 1 Bathrooms: 1
Parking: 1
Condo Fee: 0.49/sqft
How does this work?
These are assignment units. They have been purchased by someone who is trying to sell it before they have to close on the unit.
The original buyer makes a profit, and you get access to a sold out project at market value.
What are the next steps?
If you want to proceed with purchasing an assignment, I would prepare the paperwork
Is this free?
Yes. There is no cost to you. I act as your real estate agent on the deal. The seller pays me a comission at closing.
Will you spam me?
No. I will attempt to email or text you once or twice. If you don't respond I will assume you are no longer interested.
unit to assign ?
Let me sell it.
Why use me as your
Pre-construction agent.
I get first access to units when the get released.
Get Super quick response times. Text, call or email.
When you use us as your VIP agent
I get first access to units when they get released.
assignment agent?
Lowrise assignments.
Click here to use my sortable & searchable online spreadsheet instead.
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Edge Tower 1 Condos
- $1,033/sqft
- Residential
- Property Type
- Property ID
Informations
IMPORTANT DATES Original Purchase Date: Contact us for this information Estimated Occupancy: Summer 2021 Firm Occupancy Date: Contact us for this information
OCCUPANCY FEE Interim Occupancy Fee: Contact us for this information Condo Fees: Contact us for this information Property Taxes: Contact us for this information Total Occupancy Fees: Contact us for this information
Edge Towers is a new condo development being created by Solmar Development in Mississauga, Ontario. The development will consist of three high-rise towers with a total of 1367 residential units. Solmar has a reputation for creating elegant communities with classic, timeless designs, and has been developing projects in the GTA and Niagara region for over 25 years.
One of the top reasons to live at Edge Towers is its excellent location. The development is within walking distance of the future Hurontario LRT, making commuting in and out of Mississauga simple. Additionally, major highways such as the 403, 401, and 407 are nearby, providing easy access to other parts of the GTA.
For students, Edge Towers is a great option as the University of Toronto Mississauga campus is only a short 10-minute drive away. There are also schools for all ages, from nursery schools to Sheridan College.
Mississauga is a booming area and has become a highly desirable place to live. Edge Towers is located in downtown Mississauga, and residents will have easy access to the Living Arts Centre, Opera Mississauga, Art Gallery of Mississauga, and Mississauga Celebration Square, all of which are within walking distance. The area also boasts a diverse range of food options, including Vietnamese, Italian, and steakhouse restaurants.
Families will appreciate the nearby entertainment options, including the Sky Zone Trampoline Park, Playdium, and the Cineplex Cinemas. Overall, Edge Towers is an excellent option for anyone looking for a beautiful, well-designed condo in a convenient, desirable location. See more assignments for sale in Mississauga
- Property ID: GTA-R22160
- Price: $750,000
- Property Size: 726+36 sqft
- Bedrooms: 2
- Bathrooms: 2
- Year Built: 2017
- Property Type: Residential
Additional details
- Number of Storeys: 35
- Total Number of Suites: 293
- Suites Starting Floor: 2
- Number of Suites/Floor: 10
- Floor Plans: 7
- Suite Size Range: 664 - 880 sq ft
- Ceiling Height: 9'
- Price / sq ft from: $878
- Parking Price: Request Parking Price
- Locker Price: Request Locker Price
- % Sold: 100
- Architects: Roy Varacalli of Cusimano Architects
- Amenities: 24-Hour Concierge, Fitness Centre, Yoga Room, Games Room, Guest Suites, Wifi Lounge, Sports Lounge, Theatre Room, Party Room
- Est. Maint: $0.48 / sq ft / month
- Locker Maint: Request Locker Maint
- Parking Maint: Request Parking Maint
- Est. Property tax: 0.75% of the price / year
- Notes: Hydro is Separately Metered. Including Water, BELL Internet, Cooling and Heating
- Est. Occupancy: Summer 2021
- VIP Launch: Oct 10, 2017
- Public Launch: Nov 04, 2017
- Const. Start: Mar, 2019
- Total Min. Deposit: 10%
- Deposit Notes: $5,000 upon signing, Balance to 5% at 30 days, 5% at 120 days, and Zero at Occupancy Closing.
- Development Levies: $10,000 For All Suite Types
- Assignment Policy: $5,000
- Address 24 Elm Dr, Mississauga
- City Mississauga
- Country Canada
- Principal & Interest
- Property Tax
- Home Insurance
- Air Conditioning
- Refrigerator
Contact Information
- +18666961888
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Edge Towers
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About Edge Towers
Assignment sale is sky-rocketing in Toronto since the pre-construction projects are becoming more and more. An assignment sale is when the original buyer decides to sell a pre-construction property to another buyer before they take possession. in other words, a third party can take over the original buyers rights and obligations regarding the pre-construction property. In Toronto, assignment sales are more common for pre-build houses than for resale properties. A sale has only one condition: the price, but in an assignment, you are also transferring contractual rights to another buyer. People have widely favored itis totally legal and throughout Toronto as an option in the housing and construction market. Finding a seller/buyer who looks for an assignment sale can sometimes be time-consuming and tiresome, but we changed that!
Project Details
Edge towers location, market analysis for edge towers, current market sell price, current market rent price, estimated sell price, estimated rent price.
These numbers are based on today's market price.
They will be changed in any market price change event.
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- Mississauga
- Scarborough
- Richmond Hill
- Stouffville
- Stoney Creek
- Colgan Crossing
Assignments > Mississauga > Edge Towers 2
- 24 Elm Drive, Mississauga
Property Name – Edge Tower 2
More About Edge Towers 2 In Mississauga
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Similar Assignment Homes
Alba condos, kindred condos, exhale condos, interested in this property, walk score for edge towers 2 - mississauga, 36 elm drive, very walkable.
Nobody knows the assignment market in the GTA and southern Ontario better than me. Whether you’re looking to buy or sell, I promise to work hard on your behalf to ensure you get the best deal possible.
Sean Bhairo is a data-driven CPA and Sales Representative. Sean understands that buying or selling a home is one of the largest investment decisions you will make, and his goal is to leverage his skillset and experiences to help support these decisions.
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- RE/MAX Millennium Real Estate Inc. Brokerage
- 81 Zenway Blvd #25, Woodbridge, ON L4H 0S5
- 905-262-2200
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Edge Towers 2 Condos
Edge Towers 2 Condos is a new condo in Mississauga by Solmar Developments currently in phase 2 at 26 Elm Drive in Mississauga, ON.
About Edge Towers 2 Condos
Rediscover the advantage of superior quality and workmanship that Solmar home and condominium owners have experienced for over 25 years with Edge Towers Condos.
Edge Towers is designed by Roy Varacalli of Cusimano Architects. Strategically located near Hurontario and Burnamthorp, just steps to the new LRT, Square One Shopping Centre, Sheridan College, and the Living Arts Centre.
Edge Towers Condos is a 3 building community of over 1200 condominium residences that includes the convenience of retail space, a daycare, and an exciting new community green space.
The first phase of 293 units will set a new standard in elegant living in Mississauga’s prime downtown neighbourhood.
Edge Tower 2 Condos Details
| 26 Elm Drive, Mississauga | |
| Mississauga | |
| TBA | |
| TBA | |
| January 2022 | |
| $0.43 per sq ft | |
| Mid $400,000s |
Edge Towers 2 Location
Edge Towers 2 will be located at the corner of Elm Drive West and Hurontario Street at 26 Elm Drive West in Mississauga, ON.
You will be able to get on the Highway 403 in less than 5 minutes and QEW in less than 10 minutes.
Edge Towers 2 Condos sets a standard in elegant living in Mississauga’s prime downtown neighbourhood walking distance to the future Hurontario LRT.
STAY CONNECTED AT EDGE TOWERS Live life at Edge Towers and be connected to it all with easy access to both public transit and all the major highways – 401, 403, 407, 410, and the QEW. The future Hurontario LRT is only steps away from home, and will bring 20km of modern, rapid transit to the city – from the beautiful Port Credit area all the way up to the Gateway Terminal in Brampton. This new light rail line will join an already outstanding system with connections to two GO Transit lines, Mississauga’s MiWay bus routes and Brampton’s Züm lines.
This makes Edge Towers just steps away from connections to Union Station and Pearson Airport, while still being within walking distance to Square One Shopping Centre. With the endless biking and walking trails that surround you, your life will never be short of an adventure when you live at the Edge.
26 Elm Drive
Very walkable.
Edge Towers 2 Amenities
THE LOBBY & THE GALLERIA with 24-hr Concierge Enjoy the luxuries of clean, white marble floors that reflect the gorgeous lighting of the statement chandelier and natural light pouring through the large windows. At Edge Towers, chic and comfortable seating areas to await your guests surround the welcoming front desk, with high-class accents encased between large Romanesque pillars. Decorated with unique art deco inspired pieces, the Lobby is a grand and elegant space.
Take a seat and enjoy the picturesque views of Mississauga in the glass-enclosed galleria. Take advantage of the cool elements of the granite accent wall complete with a warm and welcoming fireplace. The white marble floors throughout create a cohesive theme in the building and mirror the contemporary lighting and décor fixtures.
EDGE FIT The Edge Towers fitness room is equipped with state-of-the-art machines and equipment that emulate the feeling of working out at a gym – without having to leave the comfort of your home. A neutral colour palette throughout the hardwood floors and walls, mixed with the endless amounts of natural light pouring through the large windows will motivate you. Open concept, large mirrors and TV screens will elevate your workout routine.
WI-FI LOUNGE, GAMES ROOM & THEATRE ROOM Unwind and relax in the wi-fi lounge – a secluded area furnished with large and comfortable chairs, decorated with textural accents and soft lighting, and complete with unlimited wi-fi internet. Floor to ceiling windows at Edge Towers allow for an open concept flow, while unobtrusive design elements offer a sociable place perfect for intimate meetings and gatherings, a game of pool, or a work or study space.
PARTY ROOM & ROOFTOP TERRACE Mesmerize your guests in the glamorous and breathtaking Edge Towers party room, complete with a bar and abundant seating areas overlooking the Edge of the city. Furnished and decorated with lavish interiors and premium hardwood flooring, your guests will feel enchanted under the modern light fixtures – or walk out onto the 4th floor rooftop terrace and enjoy the night under the stars above.
About the Developer
SOLMAR DEVELOPMENTS For over 29 years, Solmar has led the way in building exquisite single family and condominium communities as well as exceptional commercial properties in prime locations across the Greater Toronto Area.
Distinguished by timeless elegance, sophisticated interior designs and meticulous attention to detail, every Solmar community is a dedication to quality living. Our residential communities are rich in character and personality, imbued with old world values and new age efficiencies. Classic in appeal, yet modern in outlook, a Solmar community is a benchmark of quality that exceeds expectations.
Edge Towers 2 Condos Frequently Asked Questions
How do i reserve a unit in this project.
After you review the floor plans and prices, if you know what suites you are interested in, you may reserve a suite online using our online reservation worksheet form at https://truecondos.com/worksheet.
Does filling out the worksheet form mean I’m committing to buy a suite?
No it is not a formal commitment, it is an expression of interest and the first step you must take if you are thinking about getting a unit in this project.
What does it mean that Andrew la Fleur is a “Platinum Agent”?
Platinum agents are the top selling agents who get preferred status with developers and first access to new projects before regular agents and the public.
Andrew la Fleur has been a top-selling pre-construction agent since 2007, and during this time he has achieved platinum status with many of the top builders and sales companies in the Greater Toronto Area.
For more information on about Platinum agents see this article: https://truecondos.com/5-things-to-know-about-buying-a-condo-with-a-platinum-vip-realtor-real-estate-agent/
How does it benefit me as a buyer to work with Andrew la Fleur as my Platinum Agent?
Working with me as your Platinum agent gives you several benefits
- You get the highest level of access in the building
- You pay the lowest possible price for the unit (prices are typically increased significantly after the Platinum sales event)
- The best possible incentives
- I do not represent the builder. I represent you. You benefit from my expertise of being a top selling pre-construction agent and investor myself since 2007.
- Access to my personal network of mortgage brokers, lawyers, property management, HST rebate services, handymen and much more.
- My services to you as a buyer are free
Do I get a cooling off period? What is it for?
Yes, after you sign the contract to purchase a suite you will have a standard 10-day cooling off period. It’s 10 calendar days, not business days from the time you sign.
The 10 days are primarily for 2 things: 1) to have a lawyer review your contract with you if you wish and 2) to get a mortgage pre-approval letter
Do I need to have a lawyer?
You don’t need to have a lawyer at the moment that you sign the agreement, however I always recommend that you have a qualified lawyer review your agreement of purchase and sale after you sign and during your 10-day cooling off period.
Not sure who to talk to? Don’t worry – getting a lawyer is something I can help you with. Contact me for more details.
Do I need to have a mortgage pre-approval to buy?
95% of all builders will require you to provide them with proof of financing capability in order to purchase. This is not required before you sign a contract, but it is usually required within 60 days of signing.
Not sure where to begin? Don’t worry – getting a mortgage pre-approval is something that I can help you with. Contact me for more details.
Do the prices include HST?
If you are purchasing for yourself and plan to move in, then yes, prices include the HST and there is nothing you will have to pay at final closing.
If you are purchasing as an investment rental property, then you will have to pay approximately 7.8% of the purchase price as HST on final closing.
This money is remitted to the CRA and as an investor renting out your property you can apply to the CRA immediately to get this money back. It usually takes about 1 month to get your rebate back.
For more information on the HST, see here:
https://truecondos.com/tag/hst-rebates/
Contact me for more details.
What are my closing costs on a pre-construction condo?
Closing costs on a pre-construction condo will vary greatly depending on the actual purchase price of the unit you are buying, but it also depends on the builder, the city that you are buying in, and the type of unit that you are buying.
Roughly speaking in Toronto you can expect to pay approximately 3-5% of the purchase price in closing costs when purchasing a brand new condo.
Check out this article for more info on closing costs:
https://truecondos.com/5-things-to-know-about-closing-costs-when-investing-in-a-pre-construction-condo/
Contact me for more details
Are there any ‘hidden’ costs when buying a pre-construction condo?
No, there are no hidden fees when buying pre-construction condos because all fees must be disclosed in the agreement of purchase and sale. All purchasers have 10 days to review the agreement and have a lawyer advise them on the exact closing cost amounts. If you need a lawyer to help you we can suggest to you to several expert law firms that will review your agreement in detail.
Is it possible to assign my condo? How much is the assignment fee?
Most condo builders do allow you to sell your unit before the building is complete. This projcess is called selling by “assignment”.
There is usually an assignment fee and a legal fee associated with selling. Costs can range from $1000-7000. Contact me for more details.
(416) 371-2333
READ OUR INSIGHTS
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Author: Andrew la Fleur
Andrew la Fleur is Toronto's leading expert on condo investing. Since 2007 Andrew has been sharing his expertise and his insider connections to help hundreds of clients every year to make money by investing in the Toronto condo market. He is the founder of TrueCondos.com, contributor to New Condo Guide magazine, and has been featured in The Toronto Star, The Globe and Mail, and the Wall Street Journal. Contact Andrew directly: [email protected] | (416) 371-2333
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Condos for sale in city of toronto.
AD EXPIRED: Assignment Sale at Edge Tower 2
Price: $539000 | the only preconstruction condo currently being built that will be located right in front of the future lrt on hurrontario. 1 bed 1 bath 492sqft 34sqft balcony 27th floor west exposure parking included locker included occupancy- mid-late 2023 asking price: $539,000 edge tower 3 currently selling their units for $1300/sqft locker and parking is extra. this unit is under $1100/sqft and includes parking&locker. deposit is flexible. inquire now.
Concord Canada House (Spadina/Bremner) 1 Bedroom Assignment Sale
$623000 | city of toronto | 15/06/2024.
Address: 23 Spadina Avenue, Toronto, ON
- View Listing
ASSIGNMENT SALE Waterfront Condo! 2BR Oasis w/Parking
$899000 | city of toronto | 14/06/2024.
Address: Toronto, ON M5V 2E7
1346 Danforth Rd 1112 - For Sale
$530000 | city of toronto | 14/06/2024.
Address: Scarborough, ON M1J
RED HOT DISTRESSED ASSIGNMENT- HIGH FLOOR, GREAT CN TOWER VIEWS!
$529900 | city of toronto | 14/06/2024.
Address: Toronto, ON M5A 3P4
Condo Assignment
$769000 | city of toronto | 14/06/2024.
Address: McMahon Drive, North York, ON
Nobu 25 Floor south / w parking .. Assignment
$1120000 | city of toronto | 14/06/2024.
Address: Mercer Street, Toronto, ON
Artists Alley Condo Assignment One plus den ( distressed )
$680000 | city of toronto | 14/06/2024.
Address: 234 Simcoe Street, Toronto, ON
Great condo assignment options at Shops on Donmils
$690000 | city of toronto | 14/06/2024.
Address: 50 O'Neill Road, North York, ON
Last minute Assignment central condo 3 bed parking
$1100000 | city of toronto | 14/06/2024.
Address: 38 Widmer Street, Toronto, ON
SELL AT LOSS 199 Church condo 1B 1B WITH LAKE VIEW ONLY $599,990
$599990 | city of toronto | 14/06/2024.
Address: Oakville, ON L6H
BEAUTIFUL ONE BEDROOM CONDO FOR SALE AT KEELE & WILSON
$475000 | city of toronto | 14/06/2024.
Address: 2800 Keele Street, North York, ON
Luxury Condo For Sale In Toronto.
Contact for price | city of toronto | 14/06/2024.
Address: Toronto, ON M4S 1A1
$623000 | City of Toronto | 14/06/2024
楼花转让 | Ivylea Towns 4Bed 3.5Bath ONLY $1,1990,990!!
$1195000 | city of toronto | 14/06/2024.
Time and Space 1B DEN 2B WITH LAKE VIEW ONLY $569,990
$569990 | city of toronto | 14/06/2024.
Address: Front Street East, Toronto, ON
Toronto 55c Condo 1Bed 1 Bath ONLY$615,000
$615000 | city of toronto | 14/06/2024.
楼花转让 | E2 Condo 3Bed 2 Bath Corner Unit ONLY $ 899,990!
$899990 | city of toronto | 14/06/2024.
Address: Roehampton Avenue, Toronto, ON
Social Condo Assignment 3B 3B WITH PARKING & LOCKER ONLY $899K
Address: Church St, Toronto, ON
楼花转让团队 | Theater District Condos 3b2b 2 PARKING ONLY $1,280,000
$1280000 | city of toronto | 14/06/2024.
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Condos for Sale in Mississauga / Peel Region
Listing ID: 175926805 Expired!
ASSIGNMENT SALE EDGE 1 - EDGE TOWERS! MISSISSAUGA!
- Exclusive Assignment Sale1 1 Bed 1 BathEdge 1 Edge Tower Master Planned Community1 Parking Included1 Locker IncludedAsking Price 56499936 Elm Dr W MississaugaSolmar Development Corp For More Info evac
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- Now Selling
Starting From: CA $765,900
Oro at edge towers, 24 elm drive, mississauga, on, high-rise condos in mississauga, last updated: may 15, 2024.
Introducing ORO at Edge Towers, the third building of the Edge Tower Community!
ORO at Edge Towers is an upcoming condo project by Solmar Development Corp , currently in the preconstruction phase at 24 Elm Drive, Mississauga , ON. The architect for ORO Tower is Cusimano .
The project will feature a 50-story tower with 614 mixed condo units, including one-bedroom, one-bedroom plus den, two-bedroom, two-bedroom plus den, and penthouse layouts. The units will range from approximately 588 to 883 square feet. The estimated completion date for ORO at Edge Towers is set for 2027.
Units in this Mississauga condo for sale start at $765,900.
Property Details
- Selling Status:
- Total Units:
- Project Type:
- Launch Date:
- Suite Size:
- Interior Design:
- Suite Type:
Pricing & Fee
- Selling Price:
- Cost of Parking:
- Cost of Locker:
- Maintenance Fee:
Current Incentives
Deposit structure, oro at edge towers location.
Solmar Development Corp’s ORO at Edge Towers Condos is located at 24 Elm Drive, Mississauga, in the Fairview-Mississauga Valley neighbourhood, with an 86/100 walk score and a 72/100 transit score. It offers residents a convenient location near downtown Mississauga, with top-notch lifestyle facilities like dining, shopping, and entertainment. Square One, the largest shopping centre in the region, is just a 4-minute drive away.
In addition to urban comforts, the city boasts numerous nearby green spaces, including Mississauga Valley Park, Stonebrook Park, and Richard Jones Park.
Highlight At ORO at Edge Towers
Neighbourhood.
Transportation
Residents of ORO at Edge Towers will enjoy convenient access to multiple MiWay bus routes and will be just a short walk away from the Square One transit terminal within a 5-minute car ride and Cooksville GO station within a 3-minute car ride.
Additionally, Highway 403 is conveniently located nearby, offering a straightforward commute to downtown Toronto in about half an hour and connecting to other major thoroughfares around the GTA. Toronto Pearson International Airport is just a 13-minute drive away for flights.
Families will appreciate ORO at Edge Towers’ proximity to parks, libraries, and schools ranging from nursery to secondary level. With the University of Toronto Mississauga just a 9-minute drive away and the Sheridan College Hazel McCallion Campus within a 4-minute walk, it’s an ideal off-campus residence for post-secondary students.
Overall, Mississauga, ON, offers promising real estate investments with a booming economy, diverse job market, and high rental demand. It provides young professionals with a vibrant urban lifestyle, ample career opportunities, modern amenities, and proximity to Toronto.
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GTA-Homes » Real Estate Info » Assignments
- Assignments
An Assignment Sale in the Pre-Construction Market
Simply put, an assignment sale is the sale - or an "assignment" of a contract to purchase a pre-construction condominium suite. An assignment sale is usually applied to the pre-construction condominium that has not been registered yet, so no one can take ownership of the unit itself. Only the contract can be sold.
When you purchase a pre-construction condominium unit, you may be given an assignment clause in your original Agreement of Purchase and Sale (APS). This is key. This clause gives you the ability to sell the rights to your unit before the condominium is even registered.
- Assignee/Buyer is not buying a property from Assignor – Assignee is buying the “right” to acquire property from a 3rd party (usually a builder)
- Assignor assigns its interest and rights in the Original Agreement with the Builder (or original seller)
- Assignor assigns to the Assignee its interest in the original “deposit”
- Assignee “assumes” and agrees to perform all of the Assignor’s obligations under the Original Agreement
Once the building has been constructed and registered by the city, the ownership will be transferred to the buyer. Until then, it’s just the sale of a contract, but as you will see, there are many advantages to these kinds of sales for both the buyer and seller.
In this article, you will learn more about assignment sales, why they are used, and how you can benefit from this unique transaction as an investor. This way, you will be able to determine if an assignment sale is right for you.
We at GTA-Homes strive to provide our clients with the knowledge of the pre-construction market so that they can make a more informed choice when it comes to investing in their future.
An assignment sale can be mutually beneficial for both the buyer and the seller.
See all assignment listings, what you'll learn..., what is an assignment sale, an example of an assignment sale, is it worth it to buy an assignment.
- Is it a Good Idea to Sell An Assignment
Assignments FAQ
The Details of an Assignment Sale
Assignment sales is not a new strategy in Canada, particularly assignment sales in Toronto. However, compared with other countries where condos have been around much longer, the process of assigning a condo in Ontario is not always well understood by sellers, buyers, agents, lawyers, and even lenders. Sellers who have been taking the time to learn about assignments have been reaping the rewards by maximizing their profits.
Why do pre-construction assignment sales happen?
There are many reasons why someone might want to sell the rights to their unit before it’s been built. For example, someone may have bought a suite that’s three years away from being completed, but recently had to relocate for a job. This buyer may need to sell their agreement to afford a property in their new city.
Another common reason is that a buyer began the purchase process when they were single but during the pre-construction process they married or are now expecting a child. Suddenly they’ve discovered that the pre-construction one-bedroom suite they bought is not big enough for a growing family.
The “ assignment clause ” in the purchase agreement comes in handy when these things happen. It allows the original buyer to pass the contract onto somebody else without accruing financial penalties.
These types of transactions are common and fully legal, but whether you are the buyer or the seller, it’s important to work with both an experienced realtor and lawyer who know how to protect your interests.
These deals are more complex than a conventional resale and involve three parties: the developer, the assignor and the assignee. It’s a two-stage process that involves both interim occupancy and the final closing.
This is just the basics of an assignment deal. There are more details regarding mortgage rules, and other contract details. Keep reading to learn more! Or you can always reach out to talk with one of our agents. We love to talk condos! This is just a general overview, but each arrangement is unique with its own rules, terms, and conditions.
We advise everybody who is thinking of buying or selling a pre-construction assignment to seek advice from a real estate agent, lawyer and tax accountant. Contacting an agent is important because assignors may have to pay a fair amount of tax on any profits they received from the completed sale.
Most builders allow assignment sales and you will often see these listings on REALTOR.ca. However, there are some rules in the original purchase agreement that must be followed. They are also more complicated than a regular sale because a mortgage cannot be obtained on the closing of the transaction, only once the building has been registered. Other issues such as occupancy, reimbursement of the seller’s deposits and more must be taken into account.
Pre-Construction Purchase
In 2017, John Smith bought a pre-construction condominium unit from ABC Developments for $400,000 with a total down payment of 20%, equalling $80,000. He signed the original Agreement of Purchase and Sale (APS), and the project is set to be completed in 2024.
Original Buyer Needs to Relocate
In 2023, John discovers he will be relocated to a new city for his job. He can't afford to buy a new home while holding onto his pre-construction condo unit.
Original Buyer Becomes an Assignor
Fortunately for John, the assignment clause allows him to sell the contract for his unit before the building is completed and registered! John becomes an assignor.
Assignee Buys the Rights to the Unit
John contacts an experienced pre-construction sales agent who networks on his behalf to find an interested buyer (an assignee). His agent finds Jane Doe, who wants a great deal on a new condo and decides to buy the rights to John's unit. As the assignee, Jane decides to make the purchase and agrees to perform all of the assignor's obligations outlined in the original APS. John has decided to sell the contract to his unit to Jane Doe. Due to the changes in the market, he was able to sell the contract for $500,000.
- Assignment Purchase:
- Assignment Agreement: $500,000
- Original Purchaser (Assignor) = John Smith
- New Purchaser (Assignee) = Jane Doe
- Vendor (Builder) = ABC Developments
Assignment Purchase Price by John Smith to Jane Doe = $180,000, due immediately. This includes a deposit of $80,000 + profit $100,000. The amount and timeframe for this payment can also be negotiated.
Assignee Moves In
In 2024 when the building is complete and ready for interim occupancy, Jane Doe will move into the unit during the occupancy period. At this point she will begin paying occupancy fees to the developer. These fees take the place of mortgage payments and condo fees until the building can be registered.
Interim occupancy happens when the city has designated the property as safe to live in. The building will be officially registered once the municipality does a final inspection. Jane Doe can occupy her suite in the meantime until the building is officially registered.
Assignment Details
When the building is officially registered by the city, the official title transfer takes place between the developer and the new purchaser. Jane Doe can finally register a mortgage and start paying her mortgage payments and condominium fees. Funds required to complete the sale by Jane Doe to the builder = $320,000
Jane Doe now has all the rights to the property, just like any homeowner. Any future re-sale of the property will consist of a regular real estate transaction.
Assignment purchases can actually give you some of the best deals in the GTA condo market because fewer people typically seek out these types of sales. In addition to fewer buyers, many real estate agents aren’t familiar with the structure of an assignment sale and often won’t bother to advertise these listings. Even lawyers may not know the ins and outs of an assignment sale.
The high demand in the resale market can potentially force buyers into bidding wars, which can cause people to overpay for their suite. Buying a contract through assignment gives you the opportunity to avoid excessive competition and often means you pay much less than you would for a resale unit.
The assignment condo market can be mutually beneficial for both the buyer and the seller. The seller can list their unit without having to wait until the building is completed, and the buyer can save time and potentially thousands of dollars.
Another advantage to buying an assignment agreement is that you will get a brand-new unit that automatically comes with the seven-year Tarion Warranty Program. Let’s not forget that you’ll likely move into the unit sooner instead of waiting the usual 3 to 4 years for the building to be completed!
Let’s Recap Some of the Advantages for Buyers:
- Options: More choices when there’s a shortage of listings in the market.
- Less Competition: Fewer people look at these types of listings.
- Peace of Mind: Fewer people looking at these sales means there’s less of a chance for a bidding war. You can avoid bidding wars and paying more than you can afford just to outbid another buyer.
- You Become A VIP: You will likely inherit VIP incentives like the seven-year Tarion Warranty Program and other incentives from the builder such as credits, upgrades, capped developing charges and much more.
- More Choices: Depending on how far along construction is, you may still be able to select your own finishes, colors and upgrades.
- Negotiate: Sellers usually need to sell because they need to drop their equity. This can give you leverage for prices, deposits, and closing dates.
- Brand New Suite: You will get your unit much faster instead of waiting 2-3 years like in a typical pre-construction contract. Oftentimes the occupancy date is just a couple of months away.
- Taxes: You may also benefit from saving on taxes like GST and HST.
We love to chat about the assignment sale market, so don’t wait, give us a call and let’s find you a great deal.
Is It a Good Idea to Sell An Assignment?
Traditionally, owners who wanted to sell their pre-construction units had to wait months or years for the final closing date to officially put their suite up for sale. By this time, they could have already put significant funds into occupancy fees and closing costs. If you find you want to sell your unit before its closing date, assigning it can be a great choice. This can help you save money and avoid paying occupancy fees and closing costs.
Assignments sales is not a new strategy in Canada, but compared to other countries where condos have been around much longer, the process is not always well understood by sellers, buyers, agents, lawyers, and even lenders. Sellers who have been taking the time to learn about assignments have been reaping the rewards by saving time and maximizing their profits.
These transactions are becoming increasingly popular. Think of it as a sort of condo flipping. Sellers can transfer their property rights during or before interim occupancy and avoid paying hefty carrying and closing costs, which helps them get their deposits back.
Most builders allow assignment sales, although they often have certain rules that must be followed. Even with strict rules in place, however, there are options available for you.
Let’s Take a Look at the Advantages for Sellers:
- Insurance Policy: In the event that your situation changes and you no longer need your unit, you are able to sell your assignment and pull out your equity.
- Gain a Profit: In a seller's market, you may be able to sell the rights to your unit at a higher price than you bought it, gaining a profit. This is like 'condo flipping'. In the right real estate environment, assigning your unit can be a lucrative financial move.
- No Carrying Costs: By passing the right to your unit to someone else, you can avoid paying monthly occupancy fees to the developer that can sometimes last up to two years.
- No Closing Costs: You don’t need to take out a mortgage or incur any other closing costs.
Register With GTA-Homes to Learn More
Our team of Platinum Agents is very well-versed in assignment sales and can help you make the most of your investment. Whether you are interested in buying or selling an assignment, we can help you follow the right track for the best possible outcome. There are excellent opportunities to be had now in the GTA. With a Platinum Agent, you can find 'hidden deals' that may not be advertised elsewhere. You can also gain access to eager buyers as a seller and get ahead. Register below and let us connect you with the best advice.
What is an Assignment Sale?
It is the sale of a contract to purchase a pre-construction unit. This means, instead of selling an already built unit, what’s being sold is the contract or right to acquire the property upon completion. The original purchaser (the "assignor") of a property sells their obligations under the original contract to a new purchaser (the "assignee").
The assignee will generally assume all of the assignor's duties and obligations, such as interest payments, taxes, and maintenance fees during interim occupancy. Upon completion, the assignee is granted the title to the real property and will incur all final closing costs.
Can any kind of purchase agreement involving a real estate transaction be assigned?
Under normal circumstances, any purchase agreement can be assigned, providing the agreement doesn’t prohibit it.
Is an Assignment legal?
It is legally permitted unless prohibited in writing in the original agreement of purchase and sale. In some cases, the developer may charge the assignor a fee for this kind of sale.
Is it necessary to get permission from the developer to assign the contract?
That depends. You need to consult your purchase agreement to get the specifics. Generally developers will not permit an assignment sale without their consent, which means you’ll need to consult with them and a legal representative. There have been incidents where an unauthorized assignment sale has resulted in the original agreement being terminated, and the deposit withheld!
Is there a standard legal form for these types of sales?
Yes, there are two: OREA Form 150 Assignment of Agreement of Purchase and Sale Condominium and OREA Form 145 Assignment of Agreement of Purchase and Sale (including applicable schedules.) In most cases, the developer will have their own form as well.
Will either the assignor or assignee’s lawyer services be adequate?
It is essential that the assignor and assignee each retain a lawyer with expertise in this area of real estate.
Can the assignor’s realtor market the assignment listing on MLS or REALTOR.ca?
Sometimes. Double check with your builder, as it depends on whether they permit advertising.
What happens if the construction, occupancy, closing, or unit transfer date is delayed?
In the event of a delay, the agreement is still valid. This means the assignee has agreed to take on the agreement and all responsibilities associated with it, including delayed construction or occupancy.
What if the assignee doesn't close?
This is no different than any other property sale, meaning the assignor, in most cases, is not released from the obligations under their original purchase agreement. In this situation, both the assignor and assignee will be liable.
What is the cost of assigning an Agreement of Purchase and Sale?
If the developer consents to the arrangement, there will generally be an administration fee and legal fees. These fees will vary. Consult the original purchase agreement and the developer for specific information.
When does the assignor get their money?
This generally depends on the closing date and the terms of the agreement that the assignor and assignee agreed on. Usually the assignor is paid when:
- the assignee takes possession or,
- when the developer approves the process, if applicable or,
- when the assignee obtains legal title
Who gets the interest, if any, payable by the builder on the original deposits?
Unless otherwise specified, the interest is likely to be paid to the assignor.
Who pays the interim occupancy costs?
Once the assignment is finalized, the assignee will typically pay occupancy costs.
What closing fees are payable?
After the condominium is registered, the builder transfers the ownership title to the assignee. The assignee pays the balance to the builder and any amount still owed to the assignor. Some of the costs the assignor may pay include:
- Estimated property taxes for up to 2 years
- Hydro/water/gas meter installation and connection charges (approx. $500–$700 per meter)
- Development charges/levies (potentially thousands of dollars)
- Tarion New Home Warranty (ranging from $600–$1,900. See Tarion website for fee structure)
- Discharge of builder’s mortgages (approx. $200–$300 per mortgage)
- Builder’s lawyer’s Law Society charge (approx. $70)
- Two months of occupancy fees for reserve fund
- Other amounts set out in the Agreement of Purchase and Sale
These costs are typically not financed with a mortgage. The assignee is responsible for the following additional fees:
- Legal fees and disbursements
- Land transfer tax (provincial and municipal)
- GST/HST rebate
- Municipal levies
If you are interested in either buying or selling a pre-construction condo assignment, working with a realtor who is experienced in finding, negotiating and drawing up an offer for these types of sales can be invaluable. You’ve come to the right place! At GTA-Homes, we have a wealth of expertise, knowledge and resources when it comes to assignment sales. We would be more than happy to assist you in finding an excellent opportunity in the GTA for a prosperous future. Register now to connect with our award-winning team.
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State Housing Inspectorate of the Moscow RegionPhone 8 (496) 575-02-20 8 (496) 575-02-20 Phone 8 (496) 511-20-80 8 (496) 511-20-80 Public administration near State Housing Inspectorate of the Moscow RegionCurrent time by city For example, New York Current time by country For example, Japan Time difference For example, London For example, Dubai Coordinates For example, Hong Kong For example, Delhi For example, Sydney Geographic coordinates of Elektrostal, Moscow Oblast, RussiaCity coordinates Coordinates of Elektrostal in decimal degreesCoordinates of elektrostal in degrees and decimal minutes, utm coordinates of elektrostal, geographic coordinate systems. WGS 84 coordinate reference system is the latest revision of the World Geodetic System, which is used in mapping and navigation, including GPS satellite navigation system (the Global Positioning System). Geographic coordinates (latitude and longitude) define a position on the Earth’s surface. Coordinates are angular units. The canonical form of latitude and longitude representation uses degrees (°), minutes (′), and seconds (″). GPS systems widely use coordinates in degrees and decimal minutes, or in decimal degrees. Latitude varies from −90° to 90°. The latitude of the Equator is 0°; the latitude of the South Pole is −90°; the latitude of the North Pole is 90°. Positive latitude values correspond to the geographic locations north of the Equator (abbrev. N). Negative latitude values correspond to the geographic locations south of the Equator (abbrev. S). Longitude is counted from the prime meridian ( IERS Reference Meridian for WGS 84) and varies from −180° to 180°. Positive longitude values correspond to the geographic locations east of the prime meridian (abbrev. E). Negative longitude values correspond to the geographic locations west of the prime meridian (abbrev. W). UTM or Universal Transverse Mercator coordinate system divides the Earth’s surface into 60 longitudinal zones. The coordinates of a location within each zone are defined as a planar coordinate pair related to the intersection of the equator and the zone’s central meridian, and measured in meters. Elevation above sea level is a measure of a geographic location’s height. We are using the global digital elevation model GTOPO30 . Elektrostal , Moscow Oblast, Russia
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At RE/MAX, success is celebrated through an established award and recognition program, and we are honoured to continuously have our mission of providing industry-leading customer service and local expertise recognized. Edge Tower 2 - Unit 2704 is a Assignment Sale condominium in 24 Elm Dr, Mississauga. Price: $745,000, Occupancy date: 2024.
Exhale Condos. $761,900. Oro at Edge Towers, a new condo development by Solmar Development Corp, is located at Hurontario Street and Central Parkway in the heart of Mississauga. Residents enjoy access to lifestyle amenities, including dining and shopping at Square One Shopping Centre, boasting over 2.2 million square feet of retail space.
The Edge Tower 2 pre-construction project by Solmar in Mississauga has sold out. We have an assignment sale available for a unit in this project. Call to Action. 647-918-5375. [email protected]. Edge Tower 2. 24 Elm Dr, Mississauga, ON. Assignment Sale. Edge Tower 2.
Assignment Sale - Edge Towers II Intersection: Hurontario/Central Pkwy E, Mississauga 2 Bed | 2 Bath 1 parking | 1 locker 721 sqft + 32 sqft Exposure: NW Another Zadegan group Listing For more information on this project, Please DM me at 416-618-0188 or email me at [email protected] Ari Zadegan, Broker RE/MAX Hallmark Ari Zadegan Group Realty www.thezadegangroup.com
1 parking 1 locker South lake exposure Brand New Modern Elegant1 Bed Den 2 Bath Suite At Edge Towers 2 By Solmar Central Mississauga Location Steps To Sq1 Floor. Edge Tower 2 in Mississauga - Assignment Sale - 30 Elm St W in Mississauga / Peel Region,Ontario Condos for Sale
Edge Towers is a new condo development being created by Solmar Development in Mississauga, Ontario. ... See more assignments for sale in Mississauga. Details Updated on August 9, 2023 at 8:25 am. Property ID: GTA-R22160; ... Assignment Policy: $5,000; Address Open on Google Maps. Address 24 Elm Dr, Mississauga; City Mississauga;
About Edge Towers. Assignment sale is sky-rocketing in Toronto since the pre-construction projects are becoming more and more. An assignment sale is when the original buyer decides to sell a pre-construction property to another buyer before they take possession. in other words, a third party can take over the original buyers rights and obligations regarding the pre-construction property.
Assignments > Mississauga > Edge Towers 2 $745,000 2 Beds 2 Bath Condo 24 Elm Drive, Mississauga Property Name - Edge Tower 2 Developer - Solmar DevelopmentLocker - 1Unit Size(interior sqft) - 727 Sq FtParking - 1Balcony/Terrace - Balcony More About Edge Towers 2 In Mississauga In Mississauga, Edge Towers is the most elite and sought-after neighbourhood. […]
EDGE TOWER 2! 1 BR/ 1 bath beautiful condo assignment for sale in Mississauga! Steps to square one mall! 7th floor. The purchase price was $439,900. PAID Deposit to builder-$65.236 Asking Price-...
Edge Towers 2 by Solmar, ASSIGNMENT UNIT - Emerald, 1 bed, 1 bath Floor Plan, see pricing, sizes and fees. Compare floor plans, price lists, mortgage rates & more
Edge Towers Assignment! ‼️ JUST REDUCED ‼️ Mississauga Hurontario & Central Pkwy Now Asking $1. 38M was 3 Bedroom ️ 1 Parking 1 Locker 1423 SQFT Exposure: SouthWest Co-op 2.5% ...
Edge Towers apart from the rest. Luxurious living is yours with a 24 hour concierge service available to resi-dents to assist with anything you may need. Within the building there are amenities that will fulfill any of your needs and desires, including 2 party rooms, 2 guest suites, games room, theater room, wifi lounge, state of
Edge Towers 2 is a second tower pre-construction condo project by Solmar Developments coming to 26 Elm Drive in Mississauga, ON. ... however I always recommend that you have a qualified lawyer review your agreement of purchase and sale after you sign and during your 10-day cooling off period. ... There is usually an assignment fee and a legal ...
The only preconstruction condo currently being built that will be located right in front of the future LRT on Hurrontario 1 bed 1 bath492sqft 34sqft balcony27 Assignment Sale at Edge Tower 2 - The only preconstruction condo currently being built that will be located right in front o | Condos for Sale - OKz.ca
Exclusive Assignment Sale1 1 Bed 1 BathEdge 1 Edge Tower Master Planned Community1 Parking Included1 Locker IncludedAsking Price 56499936 Elm Dr W MississaugaSo. ASSIGNMENT SALE EDGE 1 - EDGE TOWERS! MISSISSAUGA! in Mississauga / Peel Region, Condos for Sale ... ASSIGNMENT SALE EDGE 1 - EDGE TOWERS! MISSISSAUGA! Bolton, ON L7E 2K9
ORO at Edge Towers is a condominium development by Solmar Development Corp located at 24 Elm Drive, in Mississauga, ON. ... Units in this Mississauga condo for sale start at $765,900. Property Details. Selling Status: Now Selling. Total Units: 614. Occupancy: 2027. ... FREE ASSIGNMENT* $8,000 Value. UNLIMITED HIGH-SPEED INTERNET INCLUDED* BELL ...
Use our Agent site! Edge Towers is a New Condo development by Solmar Development Corp located at Hurontario & Central Pkwy, Mississauga. Solmar Development is creating 3 condo towers in the Edge Tower community. Edge Condos will have wonderful amenities and beautiful design. The three condos in total will have 1367 units.
Simply put, an assignment sale is the sale - or an "assignment" of a contract to purchase a pre-construction condominium suite. An assignment sale is usually applied to the pre-construction condominium that has not been registered yet, so no one can take ownership of the unit itself. ... Edge Tower 2 - 2704. Development by: Solmar Development ...
VGT Студия красок Elektrostal postal code 144003. See Google profile, Hours, Phone and more for this business. 3.5 Cybo Score. VGT Студия красок is working in Hardware stores activities. Review on Cybo.
Compare. Register & Follow. Edge Towers by Solmar, ASSIGNMENT UNIT - Suite 2Br, 2 bed, 2 bath Floor Plan, see pricing, sizes and fees. Compare floor plans, price lists, mortgage rates & more.
State Housing Inspectorate of the Moscow Region Elektrostal postal code 144009. See Google profile, Hours, Phone, Website and more for this business. 2.0 Cybo Score. Review on Cybo.
Geographic coordinates of Elektrostal, Moscow Oblast, Russia in WGS 84 coordinate system which is a standard in cartography, geodesy, and navigation, including Global Positioning System (GPS). Latitude of Elektrostal, longitude of Elektrostal, elevation above sea level of Elektrostal.
Heliport information about UUDO - Orlovo, MOS, RU. Information on this site may not be accurate or current and is not valid for flight planning or navigation.