As some of you may know, the market for real estate has been incredibly hot, and because of that I want to share a tip for those looking to buy right now.
With so much activity in the real estate market at the moment, you may come across some “Property Assignments”
An Assignment is a legal transaction where an “Assignor” purchases a property; typically a condo, presales, or big development properties, and sell it before it’s completion.
Assignments are legally permitted, but alongside the original cost to purchase the property, there is usually an additional “Assignment Amount” that is charged to the new purchaser or “Assignee” in order to earn a profit.
As most banks don’t pay the amount of the assignment amount, it will be important for you to thoroughly check the price and the amount covered by the bank.
Property Assignments are not a bad thing as long as you are doing your research and paying the right market price.
So to the buyers who are eager to own a new house, don’t be too quick to jump the gun and do your due diligence.
Contact us here if you have any questions or concerns about real estate, and save yourself the hassle.