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What Is A Presale Condo Assignment?
“A contract assignment occurs when a buyer transfers the contract to buy property to someone else before the completion date. The buyer can transfer the contract for any price, even for a higher price than they paid for the property.” In theory, the new buyer is buying a “resale” of a previous “presale.” Hence, the coined term “presale resale.”
The word “Assignment” is used because the original Buyer Assigns their rights in the sale over to the new Buyer. The Seller of an assignment is the Assignor, and the Buyer of an Assignment is the Assignee. Find out more…