A visitor to my website asked this terrific question….
How Soon Can You Sell A Condo After Buying?
Of course the answer is right away! But, lets explore that in some more depth, and break it out into two parts:
Selling a Pre-Construction Condo
Say you’ve bought a yet to be built new condo suite directly from the developer. First there is the 10-day cooling off period in which you can simply cancel the purchase transaction and get all of your deposit back. After that point you are looking at selling your suite by “Assignment”. In this case you are looking for a new second buyer to take over your contractual obligations to carry through with the purchase from the developer. You can sell your paperwork to someone else right away. You will need the permission of the developer and it requires a complex three-way agreement between you, the new second buyer and the developer. I have my specialized Toronto Condo Assignment website to help market these properties.
Selling an Existing Condo
If you have purchased an existing condo and for whatever reason find that you’d like to sell it, you can do so right away. You can sell it to someone else as soon as you have a firm agreement to purchase the suite. You don’t even need to have reached the day you would take possession of the suite to enter into a new agreement to resell it to someone else. The only thing to be careful of, is to ensure the new closing date is the same or a later date than your initial closing date. There is generally a period of anywhere from one week to three-months between the date on which we enter into an agreement to purchase a condo suite and the actual closing date. So, in order to be able to complete or close on the the second transaction, you need to have ownership of the suite by that time.
Hope that helps. keep the questions coming!