An assignment clause is a sales transaction that lets the original buyer give another his rights and obligations of the Agreement of Purchase and Sale, before the closing on the property by the original buyer. A professional realtor will advise you the advantages of this clause. If you are buying a property for investment purpose and looking for handsome ROI and you are sure you will not keep it for a longer period of time, it’s great option to have it. Most of the high rise developer offer this option to their buyer.
Toronto real estate market equipped with many projects and communities are currently offering for sale and pre-construction projects offering assignment clause option. There might be a fee involve in exercising the assignment clause which can in in the range of $5000-$15000. But if you don’t use it and close the deal under your name, you don’t have to pay for this fee. Even if the buyer is not sure what they will do at the time of closing even than it’s a great peace of mind that they have this option.