Costs and Financing Questions
11. What is the cost of assigning an Agreement of Purchase and Sale?
If the Developer consents to an assignment, there will generally be an administration fee and legal fees. These fees will vary. Consult the original Agreement of Purchase and Sale and the Developer.
12. How does the REALTOR® deal with financing in Forms 145 and 150?
A standard financing clause may be used.
13. When does the Assignor get their money?
In an assignment, depending on the closing date and the terms of the assignment agreement that Assignor and Assignee agreed on, the Assignor is usually paid when:
a) the Assignee gets possession or occupancy or,
b) when the original seller approves the assignment, if applicable or,
c) when the Assignee obtains legal title.
14. Who gets the interest, if any, payable by the Builder on the original deposits?
Unless otherwise specified, the interest is likely to be paid to the Assignor.
15. What closing fees are payable?
See the Condominium Assignment Basic Guidelines, found on the last page of this document.
16. Who pays the interim occupancy costs?
Once assignment is finalized, the Assignee will typically pay occupancy costs through to the final closing and will pay the final closing costs unless specifically negotiated otherwise.
17. Does the Assignor have to claim Capital Gains for tax purposes?
Clause 10 of Form 150 addresses capital gains for non-residents.
Whether a resident or non-resident, the Assignor should discuss this question with a tax advisor.