What is a Buy Assignment?
A buy assignment is a real estate transaction in which the original buyer of a home (the "assignor") sells their rights and obligations to another buyer ("assignee") before the property closing. It is most common in pre-construction homes and condos, but assignments can also occur in re-sale properties.
The process of selling the assignor’s rights and obligations to an assignee involves finding a buyer who can fulfill the terms of the original contract. This can be done by contacting a Realtor or real estate wholesaler who can source potential buyers.
An assignor usually collects an assignment fee for this service. It can range from $1,000 to 5% of the original purchase price or the sale price.
There are many risks involved in buying a property through an assignment. For example, you may be unable to get financing for the property before it closes. This can result in your deposit being returned.
In addition, the assignment may include additional legal costs if you need to have your lawyer review the entire original agreement. It is always a good idea to have your lawyer review the assignment agreement and all related amendments before you buy it.
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