>  Assignment

Assignment of Property

An assignment occurs when the purchaser of a property assigns their interest in the property to another person prior to taking possession. The assignment must be in writing and signed by the assignor, assignee, and the builder. Assignments are common in new construction real estate transactions.

An assignment transaction is complicated as there are often three parties involved: the assignor, the assignee, and the builder. It is important to have a real estate lawyer review the assignment agreement to make sure that it is in your best interest and that all your rights are protected. The real estate lawyer will also liaise with the other parties’ lawyer along with the builder’s lawyer to ensure a smooth transaction.

An assignment agreement can trigger a number of implications for the parties involved. As such, it is important to seek legal advice prior to entering into an assignment agreement.

If you are thinking about assigning your interest in a property, contact one of our real estate lawyers to discuss your options.

  • All communications with your lawyer & law clerk via phone and/or email
  • One in-person or virtual signing appointment
  • Review of the Agreement of Purchase & Sale
  • Communication with the realtor’s office for commission payments
  • Preparation of all legal closing documentation
  • Discharge of one mortgage (If Applicable) 
  • All internal disbursements such as photocopies, faxes, couriers etc.
  • A stress-free closing day!

As with every law firm, disbursements are extra.  In real estate transactions, these fees differ and depend on the type of transaction. These can include fees for title search, title insurance, deed registration, certified cheques and so forth.

Nothing is due until the closing day itself.  Disbursements and the lawyer fees are drawn from the closing proceeds (if selling) or from the down-payment cheque (if buying).

Contact us for any questions or a detailed quote. 

What’s included in the fixed one-time fee?

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