Simply put, an assignment sale is the sale - or an "assignment" of a contract to purchase a pre-construction condominium suite. An assignment sale is usually applied to the pre-construction condominium that... has not been registered yet, so no one can take ownership of the unit itself. Only the contract can be sold.
When you purchase a pre-construction condominium unit, you may be given an assignment clause in your original Agreement of Purchase and Sale (APS). This is key. This clause gives you the ability to sell the rights to your unit before the condominium is even registered.
Assignee/Buyer is not buying a property from Assignor – Assignee is buying the
“right” to acquire property from a 3rd party (usually a builder)
Assignor assigns its interest and rights in the Original Agreement with the Builder
(or original seller)
Assignor assigns to the Assignee its interest in the original “deposit”
Assignee “assumes” and agrees to perform all of the Assignor’s obligations under
the Original Agreement view more