Quick answer
An assignment transfers your rights under the agreement of purchase and sale to another buyer before closing — you sell the contract, not the house. Most builders require written consent and charge a fee, and profits may be taxed as business income with HST applying depending on the circumstances.
The mechanics
An assignment transfers your rights and obligations under the agreement of purchase and sale to another buyer before the home closes. You are selling the contract, not the finished house.
Builder consent
Most builder agreements require written consent from the builder and charge an assignment fee. Some prohibit assignment entirely until a certain construction milestone. Read the specific clause in your Lackner Ridge agreement before you plan around it.
Tax
Assignment profits may be treated as business income rather than capital gains, and HST can apply to the assignment amount depending on the circumstances. Get accounting advice before listing an assignment for sale.
Pricing referenced above is preliminary VIP pricing and subject to change without notice. We do not represent the builder. Register below for the official Lackner Ridge Townhomes price list and floor plans.
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