Assignors of pre-sale condos and other strata lots

You are an assignor if you transfer the right to purchase a condo or strata lot with consent from a developer through an assignment agreement.

Assigning the right to purchase

The following must occur to ensure an assignment of a purchase agreement complies with the requirements under the Real Estate Development Marketing Act and Regulation:

• The developer must consent to the assignment
• The developer must collect and report comprehensive information on the assignment and input it into the Condo and Strata Assignment Integrity Register (CSAIR)
• You must report any profit made on your income tax return, which will be checked against information in the CSAIR
• The final purchaser of the unit pays property transfer tax on the total amount paid, including any upgrades, at the time of registration with the land title office

Property transfer tax

Purchasers pays property transfer tax on the total amount paid to acquire the property. This occurs when title to the unit is registered at the land title office.