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Assignment of Property

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Assignment Lawyer

Assignment Lawyer

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.

How Does a Real Estate Lawyer assist
in an Assignment Transaction?

Reviewing A Purchase Agreement

Our real estate lawyer will review your purchase agreement to ensure fairness and safeguard your interests. In cases where an agreement is already in place, our lawyer will skillfully navigate within its framework to provide optimal protection for you.

Coordinating with Other Professionals

Our assignment lawyer will effectively collaborate with real estate agents, financial institutions, and the other parties legal representative to ensure a seamless process.

Drafting Documentation

The assignment lawyer will draft all of the necessary documentation and facilitate the closing proceeds. Our lawyer will keep you informed through each step of the closing process.

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Question (FAQs)

An assignment clause is a contractual provision that allows one party (the assignor) to transfer their rights, obligations, or interests under a contract to another party (the assignee).

These fees, if applicable, are typically outlined in the original purchase agreement or disclosure documents provided by the builder. he amount of the assignment fee can vary significantly from one builder to another. . It is crucial for buyers to carefully review the terms and conditions of their purchase agreement and seek legal advice to fully understand the implications of any assignment fees.

Legal fees associated with an assignment range from $1200-$1500. Additionally, factors like the scope of work, the level of involvement required, and any unique circumstances of the assignment transaction may influence the overall cost.

In an assignment closing, disbursements refer to the various expenses incurred by the lawyer or legal professional on behalf of the client in order to complete the transaction. Disbursements in an assignment transaction are limited when compared to a purchase. These can include, software fees, courier etc.

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Contact Us | Real Estate Transaction Services in Mississauga, Ontario
  • 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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