Mortgagenomics Canada

What is a real estate assignment contract?Before I get in to the process of how to qualify for a mortgage when assigning a real estate contract, let's first unravel what a real estate assignment is.A real estate assignment is a transaction similar to that of a standard real estate transaction, except rather than being referred to as a buyer and a seller, in an assignment they are referred to as an Assignor and Assignee, the assignor being the seller and the Assignee, the buyer.The main distinction of an assignment contract is the subject item of the assignment. Rather than being the property itself, the transactional item in an assignment contract is the RIGHT to PURCHASE - the property. Hence, the original terms and conditions of the original purchase contract remain intact. The only changes are in ownership and negotiable price.Why would someone want to purchase a property via an assignment?its a way to get into a new property without waiting for a long period of time (typically, assignments