Insights on 'Assignment'

[roybs12]

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!!!

 

[cda]

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.

 

[cda]

Ask Al Gore and he answers :::


https://www.assignmentscanada.ca/definitions/assignment.html

 

[mark handler]

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

 

[ADAguy]

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