An assignment sale is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). In other words, the assignor sells their interest in a property before they take possession of it, selling the contract they have with the builder to a new purchaser. The assignee is the one who ultimately completes the deal with the seller. Assignments are legal and can be a useful tool for buyers and sellers. For example, if a buyer’s financial or personal situation changes before closing, assigning allows them to pass along the contract to another buyer, without backing out of the deal with the seller. Assignments are more common in pre-built homes and condos than on re-sale properties, but they are possible on any type of trade. Assignment sales are most often seen in the condominium market as it is common for the builder to sell out their inventory early on in the development. The benefits of assignment sales include the ability to avoid monthly fees like occupancy fees that can sometimes last for up to two years, no closing costs, and the ability to sell the assignment and pull out equity in the event that the situation changes and the unit is no longer needed.