Assignment Part III

Most of the first-time Assignee(s) worry if their deposit would be at risk. The risk could be the the Title is not owned by the Assignee until final closing with builder. But the Assignee(s) has put in an substantial amount of desposit with the Listing Real Estate Brokerage In-Trust. Another risk is that the builder has to postpone the final closing because of the builder had violated some city regulation or by-law.

Here are the three(3) common conditions that should insert into the assignment contract in order to protect the Assignee(s).

1. Assignee’s solicitor to review and approve the Purchase Agreement with its amendments and condominium documents provided by the Assignors after acceptance of this Assignment Agreement, failing which this assignment Agreement shall become null and void and all deposits shall be returned to the Assignee in full immediately without interest or deduction.
2. This Offer of Assignment is conditional upon the Assignor obtaining a written consent from the Vendor approving the Assignment of the Unit within Twenty (20) business days, failing which this Agreement becomes null and void and all deposits shall be returned to the Assignee in full immediately without any interest or deduction.
3. This Assignment is conditional upon the Assignee or the Agent, obtaining at the Assignee’s expense, a new First Mortgage. Should the Assignee or the Agent not obtain the new First Mortgage within 3 banking days of the acceptance of this Assignment by the Assignor, then this Assignment shall become null and void, and Assignee’s deposit shall be returned to him in full without interest or penalty. The Assignee reserves the right to waive this condition at his sole option.