If you purchase in Lumiere right now, it won’t be the standard type of purchase and sale agreement. In fact, because the building’s condominium corporation is not yet registered with the city, and probably won’t be for another year or so, you’ll actually just be buying the paperwork providing you with ownership when the building is registered later down the line, even if your suite is finished and livable.
This is referred to as an “assignment”, where the contract is assigned to a new buyer, with the sellers as a combination of the original purchaser and the builder.
Because these negotiations are more complex with the use of the builder’s forms, approval, lawyers and the fact that it’s not yet a home registered with the city, it is important to tread carefully as a seemingly innocuous mistake can end up as a severely costly one.
It is imperative to have a real estate agent who knows which specific forms to use, has an understanding of what elements can be negotiated, and is prepared to investigate the list of disbursements that can add potentially result in thousands of dollars to your end cost, if you’re not careful. On top of that, your lawyer needs to be well-versed in assignments and aware of the trouble areas that can develop, if not diligent.
Many happy buyers do result from assignment sales, so though tricky, with the right team to help you, it shouldn’t be anything to fret about. Allow me to be your resource for an assignment purchase at Lumiere.