Quote:
Originally Posted by Bonka
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.
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While the new buyer does assume your contract, you as the original purchaser are still responsible to complete if the new buyer fails to go through with the transaction.