Quote:
Originally Posted by EndLeSS8
So my parents helped my wife and I to buy a pre-sale apartment near Metrotown. It's due for completion in 2017
I got a phone call yesterday from the realtor who sold it to us, saying that she has on offer for my place (again, unfinished, due to complete in 2017) of $100k above what we're paying for it. She says we'll pocket $80k out of it
Seems shady....
I'm new to this whole crazy real estate crap, any thoughts?
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This is an assignment sale. The seller (you and your wife) are assigning the terms of the purchase agreement you and your wife agreed to with the developer to a 3rd party (the new buyer). The new buyer assumes all the costs, risks and responsibilities of the purchase agreement. For example, if you still have deposit money owing to the developer, the new buyer would now be responsible for it.
Normally developers will not allow assignments until a certain % of units are sold but given the market likely the reason your realtor has this "opportunity" for you.
Your realtor will collect commission on the buying end when you bought, and will collect another commission (sounds like they know the buyer) on the assignment.
Assuming you two bought for the purposes of living in it, it's probably better to hang on to it unless difference is covered and you come out ahead buying something comparable, or the market tanks.