What is an assignment?
An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller. In simple words, an “assignment” is the sale of a contract to purchase a pre-construction condominium or freehold property.
Benefits / Advantages of Assignments for the Sellers (Assignor)
- You don’t need to take out a mortgage or incur any other closing costs.
- Ability to pull your deposit, equity and decent profit out and re-invest in other projects or to handle your crisis like divorce, family crisis, job/business loss, etc.
- Save money by avoiding paying monthly occupancy fees that can sometimes last for a period from 6 months to up to two years.
- Be out of the crowd by taking advantage of selling before the property is completed and re-invest in another project.
- Maximize your return if prices are declining and you expect them to continue to decline
- Avoid paying land transfer taxes
- Avoid paying HST
Benefits / Advantages of Assignments for the Buyers (Assignee)
- Buying a property at a reduced discounted price saving thousands of dollars compared to purchasing a resale unit at market value.
- Luxury of buying brand new unit and often pay lower maintenance fees.
- Sellers usually need to sell because they need to drop their equity. This can give you leverage in negotiation for prices, deposits, and closing dates.
- Fewer people look at these types of listings, so Less Competition, no Biddings.
- You will get your unit much faster instead of waiting 4-6 years like in a typical pre-construction contract as occupancy is usually couple of months away.
- Depending on how far along construction is, you may still be able to select your own finishes, colors and upgrades.
- You have more choices and options when there’s a shortage of listings in the market.
- You will likely get great incentives like the seven-year Tarion Warranty Program and other incentive from the builder like credits, upgrades, capped developing charges and much more.
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Zia Abbas, Owner, President of Realty Point
Creating Real Estate Wealth in the Toronto Market
Highest ward Winning Realtor in Toronto Zia Abbas currently is the President of World Class Realty Point, has won awards as Canada’s Top RE/MAX sales individual in 2011, 2012 and 2013, and is also the current host of “Buy Low and Sell High” Toronto’s real estate investing TV Show. Zia Abbas is the name people trust in real estate and Home Investment because his work ethic is high and he only proceeds with any real estate deal after proper due diligence has been completed. As a ten-year-plus veteran of the real estate business, Zia is known for his expertise and industry knowledge. With a reputation built on his credibility, promptness and humble nature, Zia leads the real estate industry in customer service and is known for revealing to his clients’ real estate investments that are highly rewarding. Clients trust Zia’s industry knowledge of the real estate investment market throughout Greater Toronto, which is the foundation for his highly regarded success to buy low and sell high. With his broad vision and innate ability to understand real estate properties, including pre-construction low-rise and high-rise condos, resale homes and commercial properties, Zia has achieved continued success for is clients and himself.
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“Buy Low & Sell High” Toronto’s Weekly Real Estate Show
Buy Low and Sell High with Zia Abbas TV Show LogoZia’s expertise and experience does not stop at the “For Sale” sign with clients, he now brings to you directly, online and on television, his latest opportunities for real estate investing how to find investment property. With the vision of serving others at a larger scale, Zia is able to efficiently and effectively deliver market knowledge, expert advice and investment tips to his viewers across multiple media channels. Now airing weekly on Toronto’s City TV Channel and multi-cultural television satellite channels GEO and ATN, Zia’s “Buy Low and Sell High” TV show has been an immediate and lasting hit.
Accolades and Accomplishments
Widely praised as Canada’s leading real estate agent, Zia has numerous accolades that span his decade-long real estate sales career. In 2013 he received the RE/MAX Lifetime Achievement Award. He is also a two-time recipient of the RE/MAX Top Worldwide Individual award for 2011 and 2012. In addition, he has earned a place in the RE/MAX Diamond Club Award for a consecutive six years beginning in 2009. In 2015 Zia took his success to the next level: he opened his own real estate brokerage, World Class Realty Point Brokerage, and along with owning Realty Point Inc (a real estate brokerage franchise company) he manages his own brokerage with over 140 agents and is the primary mover and shaker for multiple Toronto area real estate brokerages.
Humility For His Own Success; Proud of His Client’s Success
The awards Zia has won are notable and yet, Zia remains humble in his passion for real estate. Zia’s passion is focused on his advice to others “There are no shortcuts to success. If you’re honest and confident in your abilities, success will find you.” Through hard work and dedication, Zia has led the industry to greatness. Advice About Buying or Selling Condominiums and Houses in Toronto. successful work from home opportunities. In 2011, Zia closed 280 transactions almost exclusively in condo sales in Toronto’s downtown. During the first half of 2016, Zia managed the sale of over 400 low-rise and high-rise pre-construction condos and homes. What was his advice to other agents in 2011 that holds true even today? Zia recommends selecting properties based on three pillars: location, uniqueness of project and neighbourhood growth potential. With this in mind, relationships must be nurtured in a measured balance between area developers, investors, buyers, and potential clients. But, most notably in his approach, is his marketing strategy to educate rather than sell. Through educating clients rather than pushing the sale, Zia has achieved unparalleled success.
Zia Abbas, the Top Rated Toronto Realtor at Your Service
Beyond the awards, at the heart of real estate wealth, is Zia Abbas. He is a family-oriented real estate professional, with a passion for finding the right properties for his clients. He has intense visualization and an impeccable eye for interior design. Dedicated to meeting your every need, he is aggressive, knowledgeable and thorough. With effective and persuasive negotiating skills, his market knowledge and exuberant level of integrity not only characterizes his ability to Home Investment but are the foundation of his character. His major real estate activities include Pre-Construction projects, Resale Homes, Resale Condos, and Commercial Properties Home Investment throughout the Greater Toronto Area.