Common Pitfalls of Flipping New Condominium Home Agreement Assignments

In my earlier blog, I discussed the importance of determining whether you need your builder’s consent to assign/flip your agreement of purchase and sale. Usually you do. Once you have resolved that issue, you will enter into an agreement of purchase and sale with your purchaser regarding the flip. In that flip agreement, your purchaser will require your written assurances that you have the right to flip your agreement, that your deposits are paid in full to date and that you are not otherwise in default under your agreement of purchase and sale with your builder. A prudent assignee will not accept your word alone regarding the status of your agreement of purchase and sale with your builder and, as part of the consent process, they will require that your builder confirm that your agreement with them is in good standing, that your deposits are up to date and that you are not in default. This is the second in a series of blogs regarding assignments/flips of new condo/home agreements of purchase and sale – More to follow.