Sale of Condo

[LukasWywrot]

Hi Folks,

Here is the situation:
I bought a pre-construction condo about 2 years ago in Markham (Downtown Markham - Rouge Bijou by Remington Group), to date I have already put in $35000 as a downpayment. The condo is set to close at the end of November (was supposed to be in May of this year). What I wanted to know is this:

Is it possible to sell the condo now? Where would I list the condo? Are there reprecussions to selling now?
Would I make more money if I wait till it is built or should I keep it for a year and wait for the development to become more established (supposed to be a real nice area) ?
I don`t want to have a cash negative property so I do want to sell it but I also want to get a good price on it. Any suggestions?

Regards,
Luke

 

[Dejavu]

Have a read of your purchase contract. There has to be an assignment provision that will stipulate whether you are allowed to assign your contract before taking possession and how much you will have to pay the builder for this. Generally, you can not sell it through MLS since your condo does not exist yet. However, if you find someone to sell your contract to, you can do it (provided your purchase agreement allows for it) and than will need to pay the builder a fee.

Hope this helps


QUOTE (wywrot @ Mar 14 2008, 01:46 PM) Hi Folks,

Here is the situation:
I bought a pre-construction condo about 2 years ago in Markham (Downtown Markham - Rouge Bijou by Remington Group), to date I have already put in $35000 as a downpayment. The condo is set to close at the end of November (was supposed to be in May of this year). What I wanted to know is this:

Is it possible to sell the condo now? Where would I list the condo? Are there reprecussions to selling now?
Would I make more money if I wait till it is built or should I keep it for a year and wait for the development to become more established (supposed to be a real nice area) ?
I don`t want to have a cash negative property so I do want to sell it but I also want to get a good price on it. Any suggestions?

Regards,
Luke