Most new home buyers don’t know and why would the builder want you to know this anyway?! Empowered buyers are using Tarion to fight back. I encourage you to consult with your lawyer on this matter. For more details go to www.tarion.com. Condominium buyers do you know that most builders will give permission to assign your unit during the interim occupancy period for a fee?Why is this a better time to assign your unit? You avoid the costly legal fees of closing plus mortgage fees and most importantly the whopping land transfer tax in Toronto upwards of almost 2.5% of the contract price. You also avoid the competition of all the other investors flipping out and putting the condo on the MLS at the same time.
Unit purchasers of Absolute condominiums, dubbed the Marilyn Monroe buildings, specifically towers four (IV) and five (V) were given delayed occupancy notices for Tower five late 2010 and the builder is reportedly NOT giving permission to assign their units. I have spoken to some real estate brokers who had gotten assignment clauses in their contracts sold by Fernbrook but reports are from Fernbrook that purchasers are not assigning their units. Fernbrook has given permission to add individuals on the purchase agreement which gives an opportunity for the original purchaser to create an agreement with a new purchaser after adding their name to the contract. I highly recommend working with a condominium lawyer that is familiar with these type of condominium sale agreements.