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Insights on 'Assignment'

Discussion in 'Property Maintenance' started by roybs12, Mar 17, 2018.

  1. roybs12

    roybs12 Registered User

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    Hi all,
    I am here for one of my friends.
    He has been thinking of purchasing a condo for a long time now. Recently, he signed an agreement with a Richmond Hill condos after paying the down payment. But, unfortunately, he was laid off from his job. So, it is difficult for him to take the condo unit. It all happened so fast, he is really in a great crisis now. I wanted to help him. When I presented this to my other friends they suggested to me something called ‘Assignment’. Since, I couldn’t digest the concept completely, here I am to know more about it. Please let me know your thoughts. TIA!!!
     
  2. cda

    cda Sawhorse

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    Sorry do not talk Canadian

    Has he done all the paperwork and now owns it ????

    Maybe, it is a sub-lease / rental, but he has not
    bought it yet?????

    or

    It is just finding another buyer to take the loan??

    Sounds like he needs a real estate abogado.
     
    #2 cda, Mar 17, 2018
    Last edited: Mar 17, 2018
  3. cda

    cda Sawhorse

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  4. mark handler

    mark handler Sawhorse

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    It is a Legal issue, out of the scope of Building Codes.
     
  5. ADAguy

    ADAguy Registered User

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    Has he taken possession of the unit? Moved any possessions in?
     

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