1. What Does Presale (or Pre-sale) mean in Real Estate?
In the early 1990s, this concept of presale was introduced to Vancouver. This new process to buy real estate has reduced potential risk and capital requirements for building developers. From a buyer perspective, the buyers can have the opportunity to get in early and may have better selection (at the earliest stage or VIP Access). In addition, the buyers may invest in the potential capital appreciation prior to the completion of the building. The building completion can be ranging from 1 year to up to 3 years later depends on the stages of pre-sales and type of building (Concrete or wood frame). Since then, there are more and more major property developers in the Greater Vancouver area offer pre-sales on various type of new residential developments.
2. What are Presales or Pre-construction Condos with VIP access?
1. What is an assignment?
a) Assignor: An Assignor is the original buyer of the unit from the Builder/Developer.
b) Assignee: An Assignee is the buyer of the Agreement of Purchase and Sale from the Assignor.
2. Can an Agreement of Purchase and Sale, involving any type of real estate transaction, be assigned?
3. Is an assignment legal?
4. Is it necessary to get permission from the Seller/Developer to assign the Agreement of Purchase and Sale?
5. Will the Assignor’s or Assignee’s lawyer’s services be adequate?
6. Can the Assignor’s REALTOR® market on the MLS?
How long will it take to rent out my property?
There is no
We usually obtain feedback from the prospective tenant after their viewing of your
7. What if the construction, occupancy, closing, or unit transfer date is delayed?
8. What if the Assignee doesn’t close?
9. What is the cost of assigning an Agreement of Purchase and Sale?
10. When does the Assignor get their money?
a) the Assignee gets possession or occupancy or,
b) when the original seller approves the assignment, if applicable or,
c) when the Assignee obtains the legal title.