Episode 45: How to get a Mortgage for a New Build Condo Assignment

<p class="p1">(1)How to get a Mortgage for a New Build Condo Assignment?</p> <p class="p2"> </p> <p class="p3">(2) An assignment is a REAL ESTATE sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the rights and obligations of the Agreement of Purchase and Sale by THE ORIGINAL BUYER (THE ASSIGNOR), before THE CLOSING on the property. The assignee is the one who ultimately CLOSES the deal with the BUILDER.</p> <p class="p3">ASSIGNMENT IS LIKE SELLING THE CONTRACT TO ANOTHER BUYER.  THIS IS COMMON TO PREBUILT CONDOS AND HOMES. </p> <p class="p2"> </p> <p class="p3">THE ASSIGNOR AND THE ASSIGNEE negotiate the terms of the Assignment Sale, such as the Assignment Purchase Price, Real Estate Deposit/s, and other costs.</p> <p class="p2"> </p> <p class="p3">It is important to note that the Builder will need to signoff on this Assignment Sale.  </p> <p class="p2"> </p> <p class="p3">(3) DOCUMENTS NEEDED:</p> <ul class="ul1"><li class="li3">Original Builder Purchase Agreement</li> <li class="li3">Floor Plan</li> <li class="li3">Copy of Builder Deposits</li> <li class="li3">Interim Statement of Adjustments</li> <li class="li3">Signed Purchase and Sale Agreement (Assignment Agreement)</li> <li class="li3">Copy of Real Estate Deposit</li> <li class="li3">Income Confirmation</li> <li class="li3">Proof of Down Payment</li> <li class="li3">IDs</li> <li class="li3">Mortgage Application and Privacy Agreement</li> <li class="li3">Signed Builder Acknowledgement of the Assignment</li> </ul> <p class="p2"> </p> <p class="p3">(4) VALUE USED… </p> <p class="p2"> </p> <p class="p3">TO the BUYER(Assignee):</p> <p class="p3">Assignment Purchase Price:  </p> <p class="p3">Real Estate Deposit:</p> <p class="p3">Mortgage Approved/Required:</p> <p class="p2"> </p> <p class="p3">Owed to the Builder</p> <p class="p3">Owed to the Assignor</p> <p class="p3">Other Costs</p> <p class="p2"> </p> <p class="p3">TO the Original Buyer (Assignor):</p> <p class="p3">Original Purchas