24) Income & Taxes
Selling Before Closing
An assignment means to sell your purchase agreement to someone else - they take over “in your shoes” under the original contract but you still remain liable if the new buyer fails to close!
I get a call nearly every day about someone that wants to sell their unit on assignment and let me be real with you - there is no assignment market in Calgary and they are next to impossible to sell. People and agents who live in Calgary do not even understand what an assignment is and need to be able to view a property in person so they can envision their life there, and “kick the tires”. That leaves the only buyers as investors who need an immediate profit to take the assignment off your hands.
Considering Selling On Assignment?
To have a hope of selling your Calgary unit on assignment, you will most likely need to give up 15-20% of your purchase price + selling fees. I’m happy to discuss the current market with you, so book a call.
More Information
Assignments are complicated and I have created a separate guide where I go into great detail about everything you need to know on selling your unit on assignment.