How to avoid liability when assigning your condo?

Do you know the proper process and liabilities associated with assignments?
Join Lawrence Mak and Dheeraj Bhatia as we discuss the policies and pitfalls of assigning a new construction condo. We cover different topics such as Assignor liability, HST rebates and MLS advertising rules.

1:00 What is assigning or “flipping the paper”?
1:40 When can you assign?
2:20 Why are assignments tricky?
2:50 What’s a summary of the solictor’s approval process?
3:12 What are development fees and levies?
4:30 Can you really have a development fee of $30,000+?
5:08 Do I always have a 10-day “cooling off” period?
5:46 Is the Assignor still liable if the Assignee can’t close?
6:30 Can I get dis-qualified for the HST rebate?
8:45 Current HST rebate laws as of April 2019
9:27 Would you recommend an investor rent for one year first?
10:18 Can my contract be rescinded if I advertise on the MLS?
11:23 An example of when an HST rebate was refused due to MLS advertising
12:18 What is your opinion on assignments?

If you have any questions about assignments, contact Dheeraj Bhatia at (416) 939-5652 or Lawrence Mak at (416) 276-4895.

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