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10:18 Can my contract be rescinded if I advertise on the MLS?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.