disadvantages of buying assignments

Advantages and Disadvantages of Assignments For Students

Looking for advantages and disadvantages of Assignments For Students?

We have collected some solid points that will help you understand the pros and cons of Assignments For Students in detail.

But first, let’s understand the topic:

What is Assignments For Students?

Assignments for students are tasks or activities given by teachers to be completed outside of class time. These can include writing essays, solving math problems, or reading books. They help students practice what they’ve learned and prepare for future lessons.

What are the advantages and disadvantages of Assignments For Students

The following are the advantages and disadvantages of Assignments For Students:

Advantages of Assignments For Students

• Boosts understanding of topics – Assignments help students dive deeper into topics, providing a clear and thorough understanding that goes beyond surface-level knowledge.
• Encourages independent learning – They promote self-learning, pushing students to study and solve problems on their own, fostering self-reliance.
• Enhances time management skills – Time management skills are honed as students balance assignments with other responsibilities, teaching them to prioritize tasks.
• Improves research and writing abilities – Assignments also refine research and writing skills, as students learn to gather information and articulate ideas effectively.
• Reinforces classroom learning – They serve as a reinforcement tool, solidifying what is taught in the classroom and making learning more effective.

Disadvantages of Assignments For Students

• Can increase stress levels – Assignments can often lead to elevated stress levels in students due to tight deadlines and high expectations.
• Limits free time – When students are loaded with assignments, their leisure time gets compromised, affecting their work-life balance.
• May discourage creativity – The rigid structure of assignments can sometimes curb the creative instincts of students, stifling their innovative ideas.
• Risks of plagiarism – Assignments also pose the risk of plagiarism as students might copy answers from readily available sources, compromising their learning.
• Difficulty understanding instructions – Sometimes, students face challenges in comprehending the instructions of assignments, leading to incorrect submissions.
• Advantages and disadvantages of Assignment Method Of Teaching
• Advantages and disadvantages of Assignment Method
• Advantages and disadvantages of Assets

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Advantages & Disadvantages of Assignments for Students

According to an article published by the U.S. News, a teacher assigns more homework than the students can handle in one night. While homework is super essential for the holistic development of a child, it comes with various drawbacks. Therefore, in this article, we shall talk about the pros and cons of assigning homework. 

Pros of Assigning Homework

Written below are all the reasons why homework should not be banned from schools.

Minimizes Screen Time

Without any task or homework, students spend around eight hours using their mobile phones. It is more than the recommended average time of three hours. It further results in laziness and also harms the eyesight. Homework inculcates better long-term habits.

Improves Time Management Skills

Every profession requires time management skills. With these skills, students finish the task in a given slot of time. When a student doesn’t know how to manage time, it becomes impossible to efficiently utilize each hour.

Improves Critical Thinking in Students

Working on different assignments after school helps in improving the critical thinking skills of the students. Besides, it also improves the memory of the individual.

Develops a Sense of Independence

Most of the time, students want to attain more freedom and independence. When they are assigned homework, they tend to work off their own bat and explore their strengths and weaknesses. Thus, homework instills a sense of independence and helps a child grow.

Sparks Enthusiasm

In addition to this, homework sparks enthusiasm if the topics are interesting and relevant. It further motivates the students and encourages them to learn something new. Besides, when encountering new topics, students tend to take help from their parents or peers, sparking new connections.

Cons of Assigning Homework

Students all over the world feel pressured when they have a lot of work to do. They believe that the extra work is unfair and doesn’t help in their personal growth. Apart from that, it is also said that homework should only take thirty-forty minutes of their time after school. Here are all the cons of assigning homework.

No Free Time at Home

After spending 7-8 hours in school, extra work at home takes around two hours on average. Thus, homework feels more like a punishment than learning something new. Children can utilize the same playing a sport that they love or indulge in other favorite hobbies. It helps the child feel more in control of his life besides helping him find his purpose on this planet, which homework alone won’t help.

Homework and assignments do not help in grades but put more pressure on exams or tests. To complete the homework, the students miss out on revisions and perform badly in tests or exams. They usually don’t know about the possibilities online services give them. Don’t miss your chance to get assistance with online classes, homework assignments and exams at myhomeworkdone.com . Their team consists of just the best experts who are ready to help you 24/7.

Adverse Effect on Mental Health

Extra work after school harms a child’s brain and overall mental health. Most of the time, teachers fail to realize this and keep piling students with extra work.

Challenging Tasks

Some students find it difficult to balance their personal and professional lives when required to submit assignments after school is over. They are quite tired by the end of the day and have zero energy. Moreover, they cannot even take a break to relax for a while.

Lack of Support

Sometimes it is difficult for students to work on their own. It can be due to the lack of resources of support from their parents or guardian. Therefore, the lack of resources demotivates the child, and he may not even turn in the assignment.

Irrelevant Tasks

Homework that has nothing important to do with the topic of a subject only wastes the students’ time. Besides, after assigning irrelevant topics, the teachers should not expect excellent work since students have no clue what the topic is about.

Final Verdict

Since there are several advantages and disadvantages of homework, it is quite difficult to decide if they should be assigned or not. Even if teachers assign tasks to the students, they should be given enough time to complete it.

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What are The Advantages and Disadvantages of Buying Essays?

Students often feel like they are doing a lot. They are expected to complete several tasks within a short time. In universities and colleges, you will find students of different backgrounds. Some can easily afford things, while others work twice as hard to get them. Such cases always lead students to seek jobs outside school hours to supplement their needs. It’s the reason why learners fail to submit assignments on time.

Lecturers always deal with such cases almost every time. Some students will do it when they are told to write an essay on a particular topic. Others will seek help somewhere else. There are many reasons for this decision: for example, a person does not have writing talent or simply does not have time to write a paper. In such cases, students often buy essays from Papersowl , an online platform with professional writers. This is a time-tested platform, so customers are guaranteed quality paper just in time. With that said, let’s find out some advantages and disadvantages of getting help from such services.

You can enjoy some advantages by buying essays. However, before spending your money, ensure you know what you are getting into. Some students end up becoming victims of scams without knowing. That said, you can still benefit from buying essays in various ways. Below are some of them.

You Will Have More Free Time

For a college student taking some of the toughest courses in school, there is always a bit of pressure that comes with it. As mentioned before, you will need to work on tasks and ensure that you complete them by the next lecture. It can sometimes be quite stressful and tiresome. Some students even give up on the course when they feel the pressure is too much to bear. You don’t have to worry if you are in such a situation. Some professionals can help you. There are several online platforms where you can get such services for a small fee. You can use this opportunity to work on other assignments, read, or even hang out with friends.

You’ll Not Miss the Deadline

If you have decided to buy essays online, one thing you can be sure of is that you will never miss deadlines. When dealing with online essay writers, all you have to do is give them a due date that you are comfortable with. You should also consider the time for making corrections before submitting the assignment. It is important to let the writers know the duration for which the essay should be completed. This is before you allow them to start working on it. They should accept the job if they are comfortable with the timeline.

A Specialist Performs Your Work

When buying essays, purchase them from reliable and well-trusted platforms. They always thoroughly screen the people they allow to write for them. These online platforms ensure their employees are well conversant with various topics. It can be well taken care of if you have the assignment to write an essay on something related to music, arts, health, sports, or business. With good writing platforms, you will get the best candidates to work on your assignments. You can be sure of good quality work with fewer or no mistakes. This will also save you time since you won’t have as many revisions and corrections to do due to plagiarism.

You Will Get a Good Grade

As mentioned above, ensure you get your essays from a trustworthy site. Before getting down to business with any platform, find out what people are saying about it. If you find one that has good reviews, you are most likely going to love their services as well. When you work with professional writers , you will get a good grade on your essay when you work with professional writers. The work produced is often unique and without mistakes. Writers understand the topic well and will write to the required standards. This will give the marker an easy time going through your essay and thus award you a good grade.

Disadvantages

You can also face some challenges when you decide to buy essays online. Let’s see some of them.

You Need To Spend Money

In this day and age, it is quite difficult to find someone who will offer professional services for free. You must part ways with a few bucks in almost every situation to enjoy certain services. The writing industry is no exception. The rates can even increase depending on how you want the assignment done. The number of words required and the format of the essay can determine how much you will pay.

It’s Hard To Identify A Good Company

With so much scamming going on the Internet, it can be a challenging task to find a good writing platform. Some people can claim to be offering the best services, only to find out that you’ve been duped after spending money on them. Do your due diligence before settling on a particular writing platform.

Wrapping Up

Buying essays can have pros and cons. However, you won’t face many challenges if you are keen enough. You only need to know what kind of writing site you are dealing with. You must understand the essay’s requirements before you let someone else work on it. It will help you to give clear instructions to the professional writer you choose. You can also work on the essay yourself when the writer is not able to complete it and there isn’t much time left.

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Home » Real Estate News » Real Estate Guide » Assignment Sales

Fundamental Difference Between a Resale vs Assignment Sales

June 21st, 2023 8 min read -->

A resale is a transaction where the buyer purchases a property from the original owner. The property is already completed and ready to move into. On the other hand, an assignment sale is a transaction where the buyer purchases the rights to a property from the original owner. The property is under construction and is still being prepared to move into. Here is a table that summarises the key differences between Resale vs Assignment Sales

Table of Contents

What are the Pros and Cons of an Assignment Sale?

Assignment sales, also known as contract assignments or flipping contracts, are common in the real estate market. In an assignment sale, a buyer who has entered into a purchase agreement with a seller transfers their rights and obligations under the contract to a third party before the completion of the sale. While assignment sales can offer certain advantages, they also have potential drawbacks. Let’s explore the pros and cons of Assignment Sales: 

Pros of Assignment Sales 

• One of the primary advantages of assignment sales is the potential for a significant profit. Assignors can secure a property at a lower price and then sell their contract to a new buyer at a higher price, capitalising on market appreciation or favourable negotiation.
• Assignment sales allow buyers to secure a property without obtaining a mortgage or making a down payment upfront. This flexibility can benefit investors or buyers who may need more immediate access to funds but want to secure a property at a particular price.
• Assignors can avoid the financial risks of property ownership, such as mortgage payments, property taxes, and maintenance costs. If the market conditions change or the buyer’s circumstances alter, they can sell the contract to another party without taking on these financial burdens.
• Assignment sales provide a quick exit strategy for buyers who may change their minds or encounter unforeseen circumstances that prevent them from completing the purchase. By assigning the contract to another buyer, they can exit the transaction without the complications of selling the property on the open market.

Cons of Assignment Sales

• Assignment sales involve intricate legal processes and require the involvement of multiple parties, including the original buyer, the assignee, the seller, and sometimes even lenders. The complexity can lead to challenges, delays, and increased legal expenses.
• The success of an assignment sale depends on the consent of the original seller. Some sellers may not permit or may have restrictions on assignment sales, limiting the pool of potential properties available for assignment.
• As an assignor, you relinquish control over the property and the final sale process once you transfer the contract to the assignee. This lack of control can be frustrating if the assignee’s actions or decisions affect the property negatively or lead to complications.
• In a declining market, an assignor may need help finding a buyer willing to pay the assigned price. This can result in financial loss if the assignor cannot sell the contract or need to sell it at a lower price than they initially anticipated.
• Some critics argue that assignment sales contribute to housing speculation and affordability issues, as they can drive up prices and limit housing supply. This perception can lead to negative public sentiment and potential regulatory scrutiny in some markets.

Assignment Sales for Sellers: What are its Advantages? 

• Higher Selling Price : In an assignment sale, sellers can sell their property more elevated than the original purchase price. Assignors, who act as intermediaries, often negotiate a higher price with the new buyer due to market appreciation, renovations, or other factors. This allows sellers to maximise their profit and earn more than anticipated.
• Faster Sale Process : Assignment sales can expedite the sale process for sellers. Rather than waiting to complete the original contract, sellers can transfer their rights and obligations to the assignee. This enables them to sell the property without going through the typical marketing and negotiation process, which can save time and effort.
• Avoidance of Holding Costs : Sellers can avoid holding costs associated with property ownership by selling through an assignment. These costs may include mortgage payments, property taxes, insurance, maintenance, and other ongoing expenses. Selling through an assignment allows sellers to transfer these responsibilities to the assignee, potentially saving them money in the long run.
• Increased Flexibility : Assignment sales provide sellers more flexibility regarding their plans. By completing the sale through an assignment, sellers can move forward with their plans without waiting for the original contract to close. This can be particularly advantageous if sellers need to relocate, downsize, or make other arrangements quickly.
• Lower Marketing Costs : When selling a property traditionally, sellers often need to invest in marketing efforts to attract potential buyers. This can include listing fees, advertising expenses, staging costs, and other related expenditures. In an assignment sale, the assignee typically assumes the responsibility of finding a new buyer, reducing or eliminating the need for sellers to incur marketing expenses.
• Minimised Default Risk : In certain situations, sellers may encounter circumstances that prevent them from completing the original purchase contract. This could be due to financial constraints, changes in personal circumstances, or other unforeseen events. By assigning the contract to a new buyer, sellers can avoid defaulting on the contract and potential legal consequences.

What are the Advantages of Assignment Sales for Buyers? 

Assignment sales offer several advantages for buyers in the real estate market. Here are the key benefits of assignment sales for buyers:

• Potential for Lower Purchase Price : Buyers engaging in assignment sales can secure a property at a lower purchase price than buying on the open market. Assignors often negotiate a favourable purchase price when they contract with the original seller. This can be advantageous for buyers looking for a good deal or who want to invest in properties with potential appreciation.
• Flexibility in Financing : Buyers participating in assignment sales can enjoy greater flexibility in financing options. Since they are buying the contract from the assignor, they may not need to secure a mortgage or make a substantial down payment immediately. This flexibility can be particularly beneficial for buyers needing more immediate access to large sums of money or facing challenges in obtaining traditional financing.
• Ability to Customize the Property : In some cases, buyers engaging in assignment sales can customise or make changes to the property before the completion of the sale. This flexibility allows buyers to tailor the property to their preferences by selecting finishes, fixtures, or design elements and creating a personalised living space or investment property.
• Potential for Profit : Assignment sales can provide buyers with profit potential. Suppose market conditions favourably change between the time the assignor entered into the contract and the completion of the sale. In that case, buyers can sell the property at a higher price, capturing the appreciation and generating a profit without ever taking ownership. This profit potential can attract investors or buyers looking for short-term gains.
• Expedited Purchase Process : Assignment sales can facilitate a faster buyer purchase process. Rather than going through the lengthy process of searching for a property, negotiating with sellers, and dealing with potential competing offers, buyers can step into an existing contract and finalise the sale with the assignor. This can save time and streamline the purchase process, allowing buyers to secure a property quickly.
• Lower Transaction Costs : Assignment sales may involve lower buyer transaction costs than traditional property purchases. Since buyers purchase the contract from the assignor, they may not need to pay certain closing costs associated with the initial purchase, such as land transfer taxes or legal fees. This can result in savings and make the overall transaction more affordable for buyers.

What Disadvantages Does a Buyer Face on Assignment Sales? 

Here are the key drawbacks of assignment sales for buyers:

• Limited Property Selection : Assignment sales often involve a limited pool of properties. Assignors may sell their contracts for various reasons, such as properties with a potential appreciation or in-demand locations. As a result, buyers participating in assignment sales may have fewer options than in the broader real estate market.
• Potential Seller Consent Issues : The success of an assignment sale depends on the consent of the original seller. Some sellers may have restrictions on assignment sales or may simply refuse to allow the transfer of the contract to a new buyer. This can create challenges for buyers who have invested time and effort into an assignment transaction only to have it rejected by the original seller.
• Lack of Control and Information : Buyers engaged in assignment sales have limited control over the original contract and the terms negotiated by the assignor. They may have yet to be involved in the initial negotiation process, which can lead to uncertainty about the terms and conditions of the purchase. Additionally, buyers may need more access to information about the property, its history, or potential issues, as they rely on the assignor for this information.
• Increased Complexity and Potential Delays : Assignment sales can be more complex than traditional property purchases. Multiple parties include the original seller, the assignor, and potential lenders. This complexity can lead to delays, as other legal and administrative processes may be required. Buyers may need to navigate various agreements and documents, potentially leading to more extended closing periods or increased legal expenses.
• Higher Risk of Non-Completion : Assignment sales carry a higher risk of non-completion than standard property purchases. Since buyers are assuming a contract from the assignor, they may face uncertainties and risks associated with the assignor’s ability to fulfil their obligations. If the assignor fails to complete the contract, it can lead to complications, potential legal disputes, and the loss of any invested time or resources.
• Market Fluctuations and Financial Loss : While assignment sales can offer profit potential, they also expose buyers to the risk of financial loss. Suppose market conditions decline or change unfavourably between the time of the assignment and the completion of the sale. In that case, buyers may need help to sell the property for a profit. Sometimes, they may need to sell lower than the initial purchase price, resulting in a financial loss.

What are the Disadvantages of Assignment Sales for a Buyer?

Here are the key drawbacks of assignment sales for buyers: 

• Limited Property Selection: Assignment sales often involve a limited pool of properties. Assignors may sell their contracts for various reasons, such as properties with a potential appreciation or in-demand locations. As a result, buyers participating in assignment sales may have fewer options than in the broader real estate market.
• Potential Seller Consent Issues: The success of an assignment sale depends on the consent of the original seller. Some sellers may have restrictions on assignment sales or may simply refuse to allow the transfer of the contract to a new buyer. This can create challenges for buyers who have invested time and effort into an assignment transaction only to have it rejected by the original seller.
• Lack of Control and Information: Buyers engaged in assignment sales have limited control over the original contract and the terms negotiated by the assignor. They may have yet to be involved in the initial negotiation process, which can lead to uncertainty about the terms and conditions of the purchase.
• Additionally, buyers may need more access to information about the property, its history, or potential issues, as they rely on the assignor for this information.
• Increased Complexity and Potential Delays: Assignment sales can be more complex than traditional property purchases. Multiple parties include the original seller, the assignor, and potential lenders. This complexity can lead to delays, as other legal and administrative processes may be required. Buyers may need to navigate various agreements and documents, potentially leading to more extended closing periods or increased legal expenses.
• Higher Risk of Non-Completion: Assignment sales carry a higher risk of non-completion than standard property purchases. Since buyers are assuming a contract from the assignor, they may face uncertainties and risks associated with the assignor’s ability to fulfil their obligations. If the assignor fails to complete the contract, it can lead to complications, potential legal disputes, and the loss of any invested time or resources.
• Market Fluctuations and Financial Loss: While assignment sales can offer profit potential, they also expose buyers to the risk of financial loss. Suppose market conditions decline or change unfavourably between the time of the assignment and the completion of the sale. In that case, buyers may need help to sell the property for a profit. Sometimes, they may need to sell lower than the initial purchase price, resulting in a financial loss.

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Frequently Asked Question (FAQs)

What is the purpose of resale.

Resale is to transfer ownership of a previously owned item or property from the seller to a new buyer.

What is selling and reselling?

Selling refers to exchanging goods or services for monetary compensation, while reselling involves selling something previously purchased, typically to make a profit.

How much money can you make from resale?

The amount of money on resale depends on the type of property you have and the real estate environment of the area.

What is a good resale percentage?

The resale percentage depends on the real estate environment.

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Understanding Challenges in the Assignment Sales Process

In the article below, Lovish Gupta, Head of Research at R-LABS, takes a comprehensive look at the assignment sale transaction process and highlights key areas for innovative solutions.

Over the past few years, population growth and housing demand in the Toronto market has led to an increase of pre-construction condo projects, and as a result, assignment sales have become a much more common practice.

While many investors and industry professionals are familiar with assignment sales, the influx of public interest has highlighted a number of pain points in the process. Many people are unaware of the tight timelines, marketing challenges and onus that come with an assignment sale. It’s a problem that we’re trying to solve in the Lab but first, we need to find clarity around the problem.

What is an Assignment Sale?

An assignment sale is a type of new condominium sale which occurs between the original buyer, the Assignor, and a new buyer, the Assignee. The Assignor purchases a unit from the condo developer with the intention of selling before the project closes. From there, the Assignor works with a broker to market the unit to potential Assignees.

After reviewing offers from the potential Assignees, the Assignor will select their desired offer and go to the developer for approval. If the developer approves the assignment sale, the Assignor sells their interest, also known as their Agreement of Purchase and Sale (APS), in a preconstruction property and the Assignee becomes the new owner of the unit.

There are many reasons why an Assignor may choose to sell on assignment: perhaps they are an investor looking to profit from price appreciation, they may have experienced a change in lifestyle (e.g. having children, new job, etc.), or they are no longer able to close. On the other side, Assignees may choose to buy on assignment because they don’t have to wait as long for their unit to be built, or they are able to buy the unit at below market value.

Pain Points for Key Stakeholders

The current assignment sale process is complicated and difficult to navigate. Each assignment sale involves several stakeholders often working in silos. As a result, each stakeholder is faced with their own set of challenges in the assignment sale journey.

The biggest challenge for Assignors is the time and effort required to complete an assignment sale. Marketing restrictions and strict financing requirements for the Assignee can make it difficult for the Assignor to attract potential buyers. On top of that, each developer has a unique set of conditions for assignment sales (e.g., caps on development charges, common expense credits, and other incentives) and must approve all assignment sales before they are finalized. Should the sale not be approved, the Assignor not only loses the sale, but they also have an ongoing obligation with the developer to close on the unit.

When it comes to Assignees, the most common pain point is financing for the assignment sale. Assignment sales require a large amount of payment to be provided upfront in order to close the deal. This payment includes all deposits already made by the Assignor, plus the premium paid on the unit. In addition, the assignee needs to have clarity on existing builder conditions to original APS and has limited control on the previous decisions made by the Assignor (e.g. décor, upgrades)

For Brokers, there is usually a knowledge gap with assignment sales when compared to a real property sale – particularly around marketing. MLS restricts brokers from marketing assignment sales through their platform which can make it very difficult to find potential Assignees. While there are brokers who specialize in assignment sales, there is no standardized platform for marketing assignment sales. This makes it harder to convince clients to consider an assignment sale, determine market value, and set a transaction price.

Not only do assignment sales result in additional paperwork for the developer, but they are also unable to take part in the value increase of the property. Assignment sales may also lead to the devaluation of un-sold units if assignors sell for less than cost. In addition, the developer may deal with inquiries from the CRA due to income-reporting related questions.

Canada Revenue Agency (CRA)

Once the assignment sale is complete, the CRA has to account for incorrect income reporting by the Assignors. Currently, there is no central database to record assignment sale transactions in Ontario – making it difficult to track evaders without manually going through records of individual developers and buyers.

Assignments Around the World

What is see in Ontario’s housing market is echoed in many other parts of the world. From Vancouver to Dubai, here are some ways global cities are addressing the problems in the assignment sale process:

Vancouver, BC

In Vancouver, condo-flipping has led to increased real estate prices and income tax evasion on assignment sale profits. In an effort to regulate assignment sales transactions and cool the market, the BC government launched the Condo and Strata Assignment Register (CSAIR) on November 5 th , 2018.

CSAIR is a database that keeps track of buyers who have sold the units they have purchased, bringing transparency to the market and ensuring accurate income reporting. Since January 1, 2019, developers are responsible for collecting and reporting information on all assignments of purchase agreements. The database ensures that all assignors pay the applicable income tax, capital gains and property transfer tax.

In the early to mid-2000s, the rise in property flipping resulted in the property bubble burst and investors were left with over-priced properties. The Dubai Land Department (DLD) responded by partnering with the Real Estate Regulatory Authority (RERA) on a pre-construction management system called Oqood (meaning “contracts” in Arabic).

The Oqood portal provides a uniformed and centralized method for registering all types of contracts between developers and buyers, including assignment sale contracts. Once the pre-construction project receives a completion certificate, the information is passed through the portal and the property is seamlessly transferred to the Property Register at Dubai Land Department. Oqood is also a government-mandated program so failing to register the sale in the portal will result in a voided contract.

Improving the Assignment Sales Process in Ontario

The number of assignment sales continues to increase with the growth of the pre-construction condo market. Because of this, there is an urgent need to standardize the inefficient assignment sale process in the Ontario and beyond.

In the Lab, we’re exploring purpose-driven solutions that tackle multiple pain points in preconstruction sales. This may involve the creation of a centralized registry that brings transparency through tracking all assignment sales, or a transaction portal that ensures all stakeholders are communicating with each other rather than working in silos. Another possible solution may be introducing assignment financing options to help assignees close the deals. Ultimately, we see an opportunity to streamline the assignment sale process and bring transparency to the pre-construction condo market, bringing value to all stakeholders.

If you’re interested in improving the assignment sales process, reach out to [email protected] and learn how you get involved in our upcoming solution.

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10 Essential Things to Know About Real Estate Assignment Sales (for Sellers)

— We take our content seriously. This article was written by a real person at BREL.

What’s an assignment?

An assignment is when a Seller sells their interest in a property before they take possession – in other words, they sell the contract they have with the Builder to a new purchaser. When a Seller assigns a property, they aren’t actually selling the property (because they don’t own it yet) – they are selling their promise to purchase it, along with the rights and obligations of their Agreement of Purchase and Sale contract.  The Buyer of an assignment is essentially stepping into the shoes of the original purchaser.

The original purchaser is considered to be the Assignor; the new Buyer is the Assignee. The Assignee is the one who will complete the final sale with the Builder.

Do assignments only happen with pre-construction condos?

It’s possible to assign any type of property, pre-construction or resale, provided there aren’t restrictions against assignment in the original contract. An assignment allows a Buyer of a any kind of home to sell their interest in that property before they take possession of it.

Why would someone want to assign a condo?

Often with pre-construction sales, there’s a long time lag between when the original contract is entered into, when the Buyer can move in (the interim occupancy period) and the final closing. It’s not uncommon for a Buyer’s circumstances to change during that time…new job out of the city, new husband or wife, new set of twins, etc. What worked for a Buyer’s lifestyle 4 years ago doesn’t always work come closing time.

Another common reason why people want to assign a contract is financial. Sometimes, the original purchaser doesn’t have the funds or can’t get the financing to complete the sale, and it’s cheaper to assign the contract to a new purchaser, than it is to renege on the sale.

Lastly, assignment sales are also common with speculative investors who buy pre-construction properties with no intention of closing on them. In these cases, the investors are banking on quick price appreciation and are eager to lock in a profit now, vs. waiting for the original closing date.

What can be negotiated in an assignment sale?

Because the Assignee is taking over the original purchaser’s contract, they can’t renegotiate the price or terms of the contract with the Builder – they are simply taking over the contract as it already exists, and as you negotiated it.

In most cases, the Assignee will mirror the deposit that you made to the Builder…so if you made a 20% deposit, you can expect the new purchaser to do the same.

Most Sellers of assignments are looking to make a profit, and part of an assignment sale negotiation is agreeing on price. Your real estate agent can guide you on price, which will determine your profit (or loss).

Builder Approval and Fees

Remember that huge legal document you signed when you made an offer to buy a pre-construction condo? It’s time to take it out and actually read it.

Your Agreement of Purchase & Sale stipulated your rights to assign the contract. While most builders allow assignments, there is usually an assignment fee that must be paid to the Builder (we’ve seen everything from $750 to $7,000).

There may be additional requirements as well, the most common being that the Builder has to approve the assignment.

Marketing Restrictions

Most pre-construction Agreements of Purchase & Sale from Toronto Builders do not allow the marketing of an assignment…so while the Builder may give you the right to assign your contract, they restrict you from posting it to the MLS or advertising it online. This makes selling an assignment extremely difficult…if people don’t know it’s available for sale, how they can possibly buy it?

While it may be very tempting to flout the no-marketing rule, BE VERY CAREFUL. Buyers guilty of marketing an assignment against the rules can be considered to have breached the Agreement, and the Builder can cancel your contract and keep your deposit.

We don’t recommend advertising an assignment for sale if it’s against the rules in your contract.

So how the heck can I find a Buyer?

There are REALTORS who specialize in assignment sales and have a database of potential Buyers and investors looking for assignments. If you want to be connected with an agent who knows the ins and outs of assignment sales, get in touch…we know some of the best assignment agents in Toronto.

What are the tax implications of real estate assignment?

Always get tax advice from a certified accountant, not from the internet (lol).

But in general, any profit made from an assignment is taxable (and any loss can be written off). The new Buyer or Assignee will be responsible for paying land transfer taxes and any HST that might be due.

How much does it cost to assign a pre-construction condo?

In addition to the Builder assignment fees, you will likely have to pay a real estate commission (unless you find the Buyer yourself) and legal fees. Because assignments are more complicated, you can expect to pay higher legal fees than you would for a resale property.

How does the closing of an assignment work?

With assignment sales, there are essentially 2 closings: the closing between the Assignor and the Assignee, and the closing between the Assignee and the Builder. With the first closing (the assignment closing) the original purchaser receives their deposit + any profit (or their deposit less any loss) from the Assignee. On the second closing (between the Builder and the Assignee), the Assignee pays the remaining amount to the Builder (usually with the help of a mortgage), and pays land transfer taxes. Title of the property transfers from the Builder to the Assignee at this point.

I suppose it could be said that there is a third closing too, when the Buyer takes possession of the property but doesn’t yet own it…this is known as the interim occupancy period. The interim occupancy occurs when the unit is ready to be occupied, but not ready to be registered with the city. Interim occupancy periods in Toronto range from a few months to a few years. During the interim occupancy period, the Buyer occupies the unit and pays the Builder an amount roughly equal to what their mortgage payment + condo fees + taxes would be. The timing of the assignment will dictate who completes the interim occupancy.

Assignments vs. Resale: Which is Better?

We often get calls from people who are debating whether they should assign a condo they bought, or wait for the building to register and then sell it as a typical resale condo.

Pros of Assigning vs. Waiting

• Get your deposit back and lock in your profit sooner
• Avoid paying land transfer taxes
• Avoid paying HST
• Maximize your return if prices are declining and you expect them to continue to decline
• Lifestyle – sometimes it just makes sense to move on

Cons of Assigning vs Waiting

• The pool of Buyers for assignment sales is much smaller than the pool of Buyers for resale properties, which could result in the sale taking a long time, getting a lower price than you would if you waited, or both.
• Marketing restrictions are annoying and reduce the chances of finding a Buyer
• Price – What is market value? If the condo building hasn’t registered and there haven’t been any resales yet, it can be difficult to determine how much the property is now worth. Assignment sales tend to sell for less than resale.
• Assignment sales can be complicated, so you want to make sure that you’re working with an agent who is experienced with assignment sales, and a good lawyer.

Still thinking of assignment your condo or house ? Get in touch and we’ll connect you with someone who specializes in assignment sales and can take you through the process.

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Raj Singh says:

What can be things to look for, especially determining market value for an assigned condo? I’m the assignee.

Sydonia Moton says:

Y would u need a lawyer when u buy a assignment property

Gideon Gyohannes says:

Good clear information!

Who pays the assignment fee to the developer? Assignor or Assignee?

Thanks Gideon 416 4591919

Melanie Piche says:

It’s almost always the Seller (though I suppose could be a point of negotiation).

Fiona Rourke says:

If there are 2 names on the agreement and 1 wants to leave and the other wants to remain… does the removing of 1 purchaser constitute an assignment

Brendan Powell says:

An assignment is one way to add or remove people from a contract, but not the only way…and not the simplest. Speak to your lawyer for advice on what makes the most sense for your specific situation. For a straightforward resale purchase you could probably just do an amendment signed by all parties. If it’s a preconstruction purchase with various deposits paid, etc it could be more complicated.

Katerina says:

Depends on the Developer. Some of them remove names via assignments only.

Haroon says:

Is there any difference in transaction process If assigner or seller of a pre constructio condo is a non resident ? Is seller required to get a clearance certificate from cRA to complete the transaction ?

Nathalie says:

Hello , i would like to know the exact steps for reassignment property please.

Amazing info. Thanks team. I may just touch base with you when my property in Stoney Creek is completed in. 2020. I may need to reassign it to someone Thanks

Victoria Bachlowa says:

If an assignor renegs on the deal and refuses to close because they figured out they could get more money and the assignment was already approved by the builder and all conditions fulfilled what can the Assignee do. I have $33,000 dollars in trust in the real estate’s trust fund. They sent me a mutual release which I have not signed. The interim occupancy is Feb. 1 and the closing is schedule for Mar. 1, 2019. I have financing in place, was ready to move in Feb. 1 and I have no where to live.

Definitely talk to your lawyer right away. They’ll want to look at your agreement of purchase and sale and will be able to advise you.

With assignment sales, there are essentially 2 closings: the closing between the Assignor and the Assignee, and the closing between the Assignee and the Builder. With the first closing (the assignment closing) the original purchaser receives their deposit + any profit (or their deposit less any loss) from the Assignee. Can I assume that these closing happen at the same time? I’m not sure how and when I would be paid as the Assignor.

What happens to the deposits or any profits already paid if the developer cancels the project after an assignment?

Hi, Did you get answer to this? I did an assignment sale last year and now the builder is not completing apparently and they are asking for their money back. Can they do that? After legal transactions, the lawyer simply said “the deal didn’t go through”. Apparently builder and the person who assumed the assignment agreed on taking out the deal. What do I have to pay back after it was done a year ago

This is definitely a question for your lawyer – as realtors we are not involved in that part of the transaction. I would expect that just as the builder would have to refund your deposits, you would likely need to do the same…but talk to your lawyer. As to whether the builder can cancel a project, yes they always reserve that right (but the details of how and under what circumstances would be in your original purchase agreement). It’s one of the annoying risks in buying preconstruction!

I completed the sale of my assignment in Dec 2015 however the CRA says I should be reporting the capital income in 2016 when the assignee closed his deal with the developer in July 2016. That makes no sense to me since I got all my money in Dec 2015. Can you supply any clarification on that CRA policy please?

You’d have to talk to the CRA or an accountant – we’re real estate agents,so we can’t give tax advice.

Hassan says:

Hello, You said that there are two closings. The first one between the assignor and the assignee and the second one between the builder and the new buyer (assignee). My question is that in the first closing does the assignee have to pay the assignor the deposit they have paid and any profit in cash or will the bank add this to the assignee’s mortgage?

The person doing the assigning usually gets their money at the first closing.

Kathy says:

What is the typical real estate free to assign your contract with the builder ?

Hi Kathy While we do few assignments (as they are rarely successful, and builders do not make it easy), in past we have charged more or less the same as we do for a typical resale listing. While there are elements to assignments that should be easier than a resale (eg staging), many other aspects of assignments are much MORE time-consuming, and the risk much higher since attempts to find a buyer for assignments are often unsuccessful. It’s also important to note that due to the extra complication, lawyer’s fees to assign are typically higher than resale as well–although more $ for the purchase side vs the sale side.

Mitul Patel says:

If assignee has paid small amount of deposit plus the original 25% deposit that the assignor has paid to the builder and gets the Keys to the unit since interim possession has been completed, when the condo registration is done and assignee is getting mortgage from the Bank or Pays the remaining balance to the Builder using his savings and decides not to pay the Balance of the Profit amount to Assignor, what are the possibilities in this kind of scenario?

You’d need to talk to a lawyer to find out the options.

David says:

How much exactly do brokers get paid at sale of Assignment? i.e. Would the broker’s fee be a % of your assignment selling price or your home’s selling price? I’m really looking for a clear answer.

I am using this website’s calculator associated with selling your home in Ontario. But there is no information on selling assignments. https://wowa.ca/calculators/commission-calculator-ontario

Realtors set their own commission, so there is no set fee- that website is likely the commission that that agent offers. We often see commissions of 4-5% for assignments. The fee is a % of the price of the assignment – for example, you originally bought for $500K; you’re now assigning for $600K – commission would be payable on the $600K.

Candace says:

Question: if i bought a pre construction condo, can i sell it as soon as it closes or do i have to live in it for 1 year after closing in order to avoid capital gains taxes?

Or does the 1 year start as soon as you move in?

I would suggest you talk to your accountant re: HST credit implications and capital gains, but if you sell it for more than you paid for it, capital gains usually apply.

You mention avoid paying HST when you assign your property. What is the HST based on? It’s not a commercial property that you would pay HST. Explain. Thanks.

HST and assignments are complex and this question is best answered specific to your situation by your accountant and real estate lawyer. In some cases HST is applicable on assignment profits – more details can be found on the CRA website here:

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-120/assignment-a-purchase-sale-agreement-a-new-house-condominium-unit.html

If you are a podcast listener, the true condos podcast is also a great resource.

https://truecondos.com/cra-cracking-down-on-assignments/

heres one for your comment, purchase pre construction from builder beginning of 2021, to be finished end of 2021, (semi detached) here we are end of 2022, both units are now ready. Had one assigned but because builder didnt accept within certain time frame(they also had a 90 day clause wherein we couldnt assign prior to 90 less firm closing date (WHICH MOVED 4 TIMES). Anyrate now we have a new assinor but the builder says we are in default from the first one and wants 50k to do the assignment (the agreement lists the possibility of assigning for 12k) Also this deal would include us loosing our whole deposit and paying the 12k(plus fees) would be in addition too the 130k we are already loosing. The second property we are trying to close but interest rates are riducous, together with closing costs(currently mortgage company is asking that my wife be added to that one, afraid to even ask this builder. Any advice on how to deal with this asshole greedy builder? We are simply asking for assignment as per contract and a small extension for the new buyer(week or two) Appreciate any advice. Thank you

Dealing with builders/developers can be extremely painful, much worse than resale transactions in our experience. Their contracts are written to protect THEM. Unfortunately all I can say is follow the advice of your lawyer.

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10 Disadvantages of Assignment Writing Task And How You Can Workaround It

Speaking of student life, homework and assignments are assumed to be an integral part of the same. They hold as much significance as does the exams. Different universities have different mandates around assignment writing. And, universities in and around Australia give them due to significance. As a consequence, bachelors and masters students, need to work on regular assignments.

Before we even begin to discuss the fear that the task brings along, we need to first understand its significance in the education system.

• Assignment writing allows students to identify a topic and work around the same. Giving them an opportunity to attain a better understanding.
• They need to research and bring about relevant information to prove a hypothesis. Whereby, giving them an opportunity to enhance their research skills.
• In this virtual world, we have lost touch with our writing skills. And, assignment writing task provides us with the perfect scope to brush those skills.
• It helps us to build concepts and be better prepared for the examination
• The task motivates students to focus on a given topic and work around the same

This is why the task holds due relevance and it is mandatory for the students to work on assignments, during the course of their college education.

Universities in Australia offer a great educational ecosystem for the students. While they offer great infrastructural facilities and expertise, it is the students that make the system great. And, this collaborative effort by the administration, the teaching faculty, and students are what acts as a great motivator for thousands of new students; who join the universities every year. While they feel proud to associate with some of the renowned universities in the world, to complete their college, the effervescence dies down shortly. This is all because of the overwhelming expectations. From succeeding in their studies to taking time out for families, to excelling in a sport; it becomes a tad too much. Each student comes along with a background of aspirations and limitations. Some have family issues, while others deal with financial constraints. And, to deal with this overwhelming pressure of assignment writing, only adds to the pressure.

• Students are tied to a lot of things, like regular homework and family requirements
• They deal with financial concerns and need to work part-time/evening hours
• Most of them are not thorough with research work
• Some are simply not good at the subject
• They have no interest in assignment writing
• Someone wants to dedicate time to a sport or practice music
• Others are more keen on the practical aspects like an internship
• They do not understand the university guidelines for assignment writing. It’s too complicated for them.
• International students are not well versed with the language and accent
• They deal with the overwhelming pressure of competition, the need to excel, and deal with anxiety or depression

These could only be some of the concerns that become a roadblock to the task of assignment writing. Moreover, this is a well-known fact that every student might not be interested in working on a given topic, he/she might be keener towards a different niche. It could also be possible that they are pursuing the course due to some other reasons like the family business, unavailability of the seat in course of choice, etc. Under all such scenarios, when they are given a deadline for the task of assignment writing, they begin to stress out. Studies have revealed that at least 40% of college students deal with varying levels of stress and anxiety. Their performance in the examinations and these very assignments, make them fear competition.

Assignment writing services offer professional expertise for assignment writing, to keep students out of this trouble. Students can research on various web portals or take feedback from seniors or peers to choose the best assignment services, team. Someone where the experts hold a lot of experience and where they have already helped thousands of students to fetch the top scores. While there are many service providers who offer these assignment help services, it is only a chosen few who extend the best quality.

• Students must lookout for someone who offers the best assignments at the most affordable charges. Other significant aspects are:
• Sticking to the discussed deadline
• Being available to resolve any queries that the student might have, 24*7;
• Offering free samples so that one gets a fair view of the process, depth of research, expertise on the subject, the format of the assignment
• Someone where the team of experts understands the basic guidelines shared by different Australian universities
• Where the team is adept at Australian English, which will be the basic language of assignment writing

While assignment writing task can be a tedious one, it surely adds to one’s learning. While students can get their assignments worked upon by professionals, they must get a thorough understanding of the topic. An assignment that uses simple language and is comprehensively put together, will most certainly provide them with this opportunity. They can clear their concepts and score good grades in the examination.

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Buying Condos on Assignment — A Quick Guide

Buying condos on assignment is becoming the norm in the real estate business. Investors use this strategy to purchase a condo cheaply and sell before closing to maximize profit. Understanding what a condo assignment is can be difficult, especially for newbies in the niche. Our team will discuss condo assignments and what you need to know before diving in to your next investment. 

What Is a Condo on Assignment Sale?

A condo on assignment sale is a written document issued to the purchaser of a pre-construction condo unit from the builder or an investor intending to sell. This agreement indicates that since the building hasn’t been officially registered, no one can take possession of the condo unit. However, you are allowed to sell the agreement to an interested buyer before the building is fully registered.

You will only get full ownership of the building after the final closing date – the period when the property title will be transferred to you. Once the property has become registered, you can sell the property and the title. It’s after the closing date that you will begin your mortgage payment.

Remember, the condo unit isn’t officially yours, even after making your down payment. You will only get a condo assignment sale as proof of your down payment and not the property’s title until after the closing date.

Why Purchase a Condo on Assignment?

There are reasons why buying condos on assignment is a familiar strategy investors and realtors use these days. If you already bought a pre-construction condo, you can maximize profit before closing and registration by selling the contract to another buyer. This is called “flipping.”

If you also have to relocate or out of cash, you can sell the contract to an interested buyer and get your money. Here, the agreement can protect you from accruing further costs.

Another reason to purchase a condo on assignment is that you’ll be buying at a price less than the market value when it’s completed. 

Important Factors to Remember

When buying a condo on assignment, you need to keep the following factors in mind.

You will be liable to pay taxes, such as Land Transfer Tax and other legal fees after the final closing date. Our experts recommend that you employ the services of a tax advisor for proper guidance.

Down Payment

Buying a condo on assignment sale demands that the builder collects a down payment from you. The deposit structure varies from builder to builder and the current phase of the building construction, but the typical range is between 15% – 30% of the total price of the building.

The builder must approve all the transactions regarding assignment sales. Some builders may not approve until the date of assignment sale is near the final closing date to avoid any confusion on whose name the property will be registered to.

You are mandated to provide Proof of Sufficient Funds to show that you can pay for the purchase before the builder can issue the contract. The remaining amount after the initial down payment is paid in the form of a mortgage.

The builder automatically assumes that you are using your condo as your primary residence after registration. Therefore, you become obligated to assign the HST Rebate entitlement to the builder.

Real Estate Broker

You need the help of a professional and seasoned real estate broker to help you with the transaction and ensure that it goes smoothly. This is because the paperwork involved is relatively complicated, and many agents or real estate brokers may not fully understand how condo on assignment sale works. 

Closing an Assignment Sale

When buying a condo on assignment sale, you will be responsible for closing costs once the builder registers the building. These costs include Land Transfer Tax, Utility Connection Fees, Development Charges, etc. [1] However, you are exempted from HST if you plan on using your condo as your primary residence. 

When purchasing a condo on assignment sale, you need to take note of the following:

• Assignment closing date (when the transaction is completed)
• Occupancy closing date (the first date when the builder hands over the keys to the purchaser)
• Final closing date (when the title of the property is transferred to you)

How do you buy an assignment for a condo?

To buy an assignment for a condo, you must be ready to purchase one of the pre-construction condo units from the builder. Afterward, you can request an assignment from the builder, showing that you own one of the units.

How does a condo assignment work?

A condo assignment transfers partial ownership of the building from the builder to the buyer. When buyers decide to purchase a pre-construction condo unit, they agree with the builder, signifying partial ownership.

When buying condos on assignment, it’s vital that you go through all these factors, as explained by our real estate experts, to avoid any complications, especially during the closing dates. An error could jeopardize your chances of buying a pre-construction condo, so take your time while going through the transaction. 

More pages:  

• Toronto condo and housing bubble 
• Advantages and disadvantages of condo living 
• Expenses of condo building 
• Assignment sale in Toronto
• Assignment sale in Vancouver
• Purchasing condo in Canada  

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Pros and Cons of Buying a House in Foreclosure

A foreclosure might save you money, but there are risks to consider.

What Happens During a Foreclosure?

Reasons for foreclosure, pros and cons of buying a foreclosure, pros explained, cons explained, the bottom line.

David Sacks / Getty Images

Foreclosed properties can offer significant savings for homebuyers. But savings aren’t all these properties offer. Foreclosures can also be smart options for investors—particularly those looking to fix up properties and sell them for a profit .  

It’s important to remember, though, that foreclosures aren’t without drawbacks. If you’re considering buying one, make sure you understand the full range of risks and rewards before moving forward.

Key Takeaways

• Buying a foreclosed property can be a cheaper and faster way to invest in real estate.
• You will not likely be able to inspect a home under foreclosure prior to buying it, and it may need serious repairs.
• The market for foreclosures is competitive, and you'll need cash upfront to use at auction.

When a homeowner fails to repay their mortgage as agreed, the lender will seize the property and attempt to sell it to recoup its losses. The exact process for foreclosure depends on the state the house is located in, but in some cases local courts may be involved.

Foreclosure typically starts anywhere from three to six months after the homeowner’s first missed payment.  

Homeowners fall into foreclosure for various reasons. One of the most common is job or wage loss. According to a survey of homeowners facing foreclosure, 54% of respondents attributed their home’s foreclosure to a reduction of income or unemployment.

For example, in August 2020, 5,599 properties in the U.S. began the foreclosure process, just four months after unemployment hit its peak in April. While this number was up 24% over July, it was still down 80% from August 2019. That may be due to the protections put in place for homeowners who were in financial trouble during the pandemic.

Other reasons homeowners fall behind on their mortgages include illness, excessive financial obligations or debts, and marital problems. The majority of homeowners in foreclosure may fall into the low- to moderate-income category, too, which may make a job loss or income reduction that much more troubling.

Lower price.

Faster closing process.

Potential investment opportunity.

You might not see or inspect the home before buying.

The property may need several repairs.

Competitive market.

You might need a large amount of cash.

Lower Price

“The obvious pro of buying a foreclosure is the price,” real estate agent Yawar Charlie told The Balance. “Generally speaking, foreclosures are properties that are offered below market value .”

It’s true: Foreclosures can offer serious savings. The Balance received information from real estate data aggregator ATTOM Data Solutions showing that the average price of a foreclosed home over the last five years has ranged from about $93,000 to $166,000. That’s well below the annual national average for each of those years.

Faster Closing Process

Michael Gevurtz, CEO of Bluebird Lending, told The Balance that foreclosures are typically quick transactions, taking about 30 days, on average, from start to finish. That’s compared with 54 days, the average time to close in October 2020, according to Ellie Mae.  

Potential Investment Opportunity

Buying a foreclosure and then rehabilitating it can allow you to increase the home’s value and gain immediate equity. If you’re an investor looking to fix and flip the home , that can mean a solid return on your investment, especially with the right upgrades .

If you’re looking to live in the home for a while, a foreclosed property could also mean more in profits when you decide to sell later. In 2019, home sellers realized an average profit of 34% on their initial investment.

You Might Not See or Inspect the Home Before Buying

Most foreclosures are sold on an “as-is” basis, meaning that what you get is what you get. You might not be able to tour a property or have it professionally inspected before submitting your bid, which could be a dealbreaker for some buyers.

“Typically, you don’t have access to the inside of a property before buying it,” Gevurtz said. “They can only be seen via a drive-by or looking inside ground-floor windows.” 

The Property Might Need Several Repairs

Foreclosures often need serious work, due to long periods of vacancy, the previous homeowner’s failure to maintain the home, or even damage by the last occupant.

“The property may have been left in disrepair, and the seller might have taken not only the appliances, but basic fixtures for some of the systems,” Charlie said. “Anyone who buys the house will have to make those repairs and adjustments on their own dime after the close of escrow.”

Before buying a foreclosed home, make sure you have the money in your budget to make those potential needed repairs. A 2020 survey of real estate investors by Auction.com found that budgeting at least 10% to 20% of the purchase price for rehab is the norm in a foreclosure sale.

Competitive Market

According to Gevurtz, there are lots of people vying for foreclosures, so it might be hard to snag one right away. “It’s a very competitive market, which means inventory can go quickly,” he said. With many auctions going online due to the pandemic, this is now truer than ever. Two-thirds of investors say the availability of online or remote bidding increases their interest in a property.

Foreclosure moratoriums and mortgage relief efforts during 2020 have also limited the number of foreclosed properties hitting the market, fueling even more competition.

You May Need a Large Amount of Cash

Rehab costs aside, you may also need a good amount of cash upfront—especially if you’re buying the foreclosure at auction. In many cases, cash bids are required at these events. However, if you’re not bidding on a foreclosed home at an auction and have good credit, you may still be able to finance it. 

Foreclosures come with some definite benefits, including serious potential savings. But there are also quite a few risks to consider. If you do choose to buy one, consider the potential repair costs it might come with, and research what you can about the property before moving forward. If you can’t tour or inspect the home, driving by the property and reviewing property records may be good options. 

Finally, make sure you have a reputable real estate agent or real estate attorney on your side. They can help walk you through the process and ensure that you’re protected as much as possible.

U.S. Department of Housing and Urban Development. " Foreclosure Process ."

Homeownership Preservation Foundation. " Preserving the American Dream ."

ATTOM Data Solutions. " U.S. Properties With Foreclosure Filings See A Slight Uptick As Coronavirus Pandemic Continues ."

Ellie Mae. " October 2020 - Origination Insight Report ."

ATTOM Data Solutions. " Average U.S. Home Seller Profits Hit $65,500 In 2019, Another New High ."

Auction.com. " Q2 2020 Foreclosure Buyer Insights ."

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Short-Term Work Assignments: Maximizing Benefits, Mitigating Risks

• Print Spark Article

This article was updated on September 3, 2018.

Short-term work assignments — typically less than a year — offer a wide array of benefits for both businesses and employees. It's no wonder such assignments have been increasing. According to Mercer , "Companies are using a more varied range of assignments in order to respond to evolving business needs and changing patterns in the global workforce." These short-term work assignments allow businesses to mobilize skills and grow their organization while developing employees at the same time.

Here, we'll examine some of the benefits and risks.

• The organization fills a skills gap by relocating an employee where their capabilities are needed. Also, the employee can train others and help close the skills gap.
• The organization increases productivity and avoids adding to its headcount by not having to hire from the outside.
• The reassigned employee gains invaluable experience. They expand their network and learn how the business operates in a different place. Even more, the challenges of adapting to a new location will draw out leadership qualities. In fact, many businesses explicitly use short-term assignments as a development tool for employees with high leadership potential.
• The employee's morale increases after being recognized for their expertise.
• The organization attracts candidates who are adventurous and eager for a challenge.
• The employee has to adapt to a new city, state or country. They also have to adapt to a new team and space, which will take patience and emotional intelligence. It's here HR can help by supporting integration.
• The employee may be left with unclear goals. This can be avoided by laying out organizational and individual goals in advance. HR and the employee can discuss how to track these along the way.
• The organization must deal with any compliance complexities that come up. However, HR simply needs to integrate the employee into its labor-related compliance system. While reassignments will likely increase compliance risks, having the right systems in place to accommodate reassigned employees will best manage and mitigate those risks.

Clear communication between HR and reassigned employees will be a critical success factor. HR systems must be in place that support the needs of short-term assignments, in terms of tracking employee performance, facilitating a smooth transition and ensuring compliance needs are met no matter where the assignment occurs.

Having a powerful technology platform in place to accommodate employee reassignments, such as time and labor management (TLM) systems as well as other vital HCM systems, will serve as a firm foundation upon which you can build success for any reassignment.

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• Advantages and Disadvantages of Making and Buying

Advantages and Disadvantages of Making and Buying - Assignment Example

• Subject: Business
• Type: Assignment
• Level: Ph.D.
• Pages: 2 (500 words)
• Downloads: 9
• Author: audrey88

Extract of sample "Advantages and Disadvantages of Making and Buying"

Advantages And Disadvantages Of Making And BuyingBoth the outside resources and internal resources are very important for the development of a new system in an organization particularly when the combination that takes place is synergistic or turns out to be great. Internal resources include IT department analysts as well as other expert individuals, financial plan, and time line, hardware and software. On the other hand, external or exterior resources include information transfer to the internal IT department, need of the expertise or corporate mandate and springiness in terms of choice of functionality and timely provision (Stair & Reynolds, 2013).

The paper outlines both the advantages and disadvantages of the buy and the make approach.Advantages of using internal resources (making approach)i) Complete controlThe use of internal resource in developing the new system gives the organization total control of the system. They are able to carry out internal factor analysis by surveying, classifying, exploring and appraising without external interference (Limaye, 2009).ii) Ownership of the software codeThe organization has full ownership of the software code and can be able to smoothly identify and carry out major updates while doing inner testing without written permission from an external entity (Doyle, 2008).iii) Tailored to unique needs of the businessThe organization can make a system that is unique to their business needs because in house production enables them to make core features thus ensuring longevity as well as running of the software (Limaye, 2009). iv) In house production ensures easy identification of problems associated with the system and timely solutions.

Disadvantages of using internal resources (making approach)i) Development timeInternal development of software requires a lot of time from human resources of the organization. It is time consuming to develop complex solutions for multiple users (Doyle, 2008).ii) Training and supportIt requires that internal software developers be given specialized training services as well as support for them to be able to effectively work with the new system. The organization may not have resources and time to offer such training and support (Stair & Reynolds, 2013).iii) Competitive functionalityInternally made software face stiff competition from well established software vendors because they create software applications with an ease-of-use and a depth of functionality that is hard to match (Limaye, 2009).iv) TurnoverIn case the software developer leaves the organization, it may be hard for the organization to support the application (Stair & Reynolds, 2013).v) Staying currentThe organization may lack resources and time required to create a dedicated software development team necessary in updating the product to be compatible with the latest technology thereby making the system outdated (Doyle, 2008).

Advantages of using external resources (buying approach)i) The company has a wide range of ready-made solutions to choose from the one that suits their needs (Stair & Reynolds, 2013). ii) Effective systemsExternal vendors create software applications with an ease-of-use and a depth of functionality because they spend thousands hours of research and development (Limaye, 2009).iii) External vendors are able to provide the organization with specialized training as well as support because they have a big team of dedicated software developers.iv) Flexibility and adaptabilityExternal software vendors are able to develop software applications that are flexible to meet changes as well as adapting quickly to new technology.v) They can continuously enhance functionality through the input of the customerDisadvantages of using external resources (buying approach)i) Vendor retains complete control and rights to the code (Stair & Reynolds, 2013).ii) The product functionality is solely determined by the vendor (Stair & Reynolds, 2013).iii) The organization fully relies on the technical support of the vendor to resolve issues (Doyle, 2008).

This may be very inconveniencing especially when urgent attention is required.referencesStair, R., & Reynolds, G. (2013). Fundamentals of Information Systems. New York: Cengage Learning. Limaye, M. G. (2009). Software engineering: Principles and practice. New Delhi: Tata McGraw-Hill Education.Doyle, S. (2008). Essential ICT for AQA: As Level. Buckinghamshire, UK: Folens Ltd.

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Pros and Cons of Assignment of Contract

• Post author By Ana Hernandez
• Post date November 4, 2020

The most attractive thing about wholesaling as a real estate investment strategy is that you can do it with no money of your own and none of the headaches that generally come with owning a property.

There are two ways to wholesale real estate: double-closing and assignment of contract. We covered the down and dirty of double-closing a few months ago, but now let’s take a look at the pros and cons of wholesaling using the assignment of contract method.

What is Assignment?

An assignment of contract is when a wholesaler enters into a purchase agreement with a seller, giving them the right to sell the contract to a buyer for a fee. The good thing about this is there’s no capital gains tax involved (but you still need to pay about 30% ordinary income tax, depending on your tax bracket, if you’re holding it for less than one year).

• Assignment is cheaper than double-closing: Because there’s only one set of closing costs to pay, this is the most cost-effective wholesaling method.
• It’s a good selling point: You can negotiate a better price from sellers by assuring them that it will be a smooth and easy transaction, you will cover all their closing costs, pay off their lenders, and then deliver their remaining profits to them.
• It’s simple: You find a buyer, sign an agreement, put the ‘earnest money’ into escrow, then step back and let the deal go through. It’s also easier to explain to titles companies than a double-closing, if the company you’re using isn’t experienced in wholesale deals.
• Assignment can be done quickly: The process doesn’t require much time from your end – often just the amount of time it takes you to market and find a buyer. Because there’s only a single closing, that part of the process is usually faster than with double-closing, also.
• It can create opportunities for repeat business: If done right, this can allow you to establish a relationship with the buyer and do repeat business with them over time. The most important thing here is to remain transparent, so that all parties are aware that you’re making money and are bringing value to the deal, whereas this is less clear with a double-close.
• Your assignment fee is visible to all: One of the cons about this arrangement is that your fee will appear on the settlement statement. As we said, this kind of transparency can help you form lasting business relationships with your buyers, but it also can make some buyers and sellers wary. If you’re making a hefty sum, the seller might be taken aback or begin to rethink whether they’re getting a good deal or being ripped off by you. By the same token, buyers might think they could get a better price elsewhere, so it’s possible either party could try to back out of the deal once they realize you’re making money off of the transaction.
• State legalities could be an issue: Realtors lobby hard to keep laws tight against wholesalers so they can avoid losing business in their respective states, so you need to remain vigilant and politically active to safeguard your rights and your business.
• It can limit your options: You need to verify with your buyer if they intend to pay in cash or use bank financing. Keep in mind that some properties, like short sales and bank-owned homes, can have no-assignment clauses in place, which means you can’t use this method to wholesale these properties.

Assignment of contract is a good way to approach wholesaling if you’re looking for quick, relatively easy transactions and the opportunity to develop long-term relationships in the industry. However, this method might not be the best for those who want to make large profits off of each deal they do, as it can put off buyers and sellers alike. A good rule of thumb is to use assignment only if you’re making less than $10k off a deal, and to always be upfront with all parties about your fee and the benefits you bring to the table in exchange for this fee.

Ultimately, the efficiency of assigning a contract means that you can complete more transactions in a shorter period of time, which can make up for the fact that your fee will be smaller than in a double-close scenario. If you’re uncomfortable with the idea of being transparent about how much you’re making, or if you want to get bigger returns from each deal, then opting for a double-close is probably the better choice.

Image Courtesy of Cytonn Photography

• Tags Assignment of Contract , Real Estate Investment , Wholesale

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ILM Level 2 Assignment Answers: ILM 8601-203 Example

Want to unlock success with exemplary ILM Level 2 Assignment tasks and answers, exemplified by ILM 8601-203? This blog showcases an adept analysis of this assignment by weighing the pros and cons of teamwork. Let's dive in to get insights into ILM Level 2 Assignment Answers. It will also help you excel in your ILM Level 2 assessment.

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Are you ready to unlock the secrets of effective Leadership? Aspiring Leaders and seasoned professionals alike are constantly seeking avenues to enhance their skills and make a profound impact within their organisations. With ILM Level 2 Assignment Answers, you can get access to in-depth knowledge and insights designed to elevate your Leadership capabilities and propel your career forward. 

In this blog, we will present exemplary details of the ILM 8601-203, which delves into the nuances of team dynamics. In addition, it includes the details associated with the pros and cons of teamwork within organisational contexts. Through meticulous analysis and strategic thinking, we will demonstrate how to craft insightful ILM Level 2 Assignment Answers that meet the rigorous standards of such qualifications. 

Table of Contents 

1) What is an ILM assignment? 

2) ILM 8601-203 task 1: Team dynamics 

3) ILM 8601-203 task 2: Team pros & cons 

4) How to pass the assignment? 

5) Are all assignments the same? 

6) Conclusion 

What is an ILM assignment? 

The Institute of Leadership & Management (ILM) offers a range of qualifications designed to enhance Leadership and Management skills. ILM assignments form an integral part of these qualifications, allowing learners to apply theoretical knowledge to practical scenarios and demonstrate their understanding of key concepts.  

ILM 8601-203 task 1: Team dynamics 

Task 1 of ILM 8601-203 training is focused on team dynamics within the work organisation. The course entails an in-depth study of the aspects that impact team performance, which include communication styles, Leadership dynamics, and conflict resolution techniques. A study of case stories and guiding principles gives learners a deeper understanding of the factors that make a team perform well. Let's explain its task components:  

1) Describe how teams differ from groups at work. 

The teams and groups in the workplace have major variations in certain critical parameters. The distinguishing characteristic of a team is that everyone has a shared purpose and goals, they are interdependent, and they are mutually accountable for the results. Teams engage in close collaboration to achieve specific goals, while a group functions more autonomously without unified objectives. 

2) Describe the characteristics of a successful team. 

Teamwork that brings success to an organisation exhibit the list of features. They are goal-oriented, as well as responsible for promoting collaborations and diverse opinions. High-performing teams display flexibility, robustness, and the readiness to implement progress in a collective way. 

3) Describe the stages of team development using a recognised model. 

Teams typically progress through stages of development. Those stages include forming, where team members get acquainted and establish goals; storming, where conflicts arise as roles and responsibilities are clarified.  

It also includes norming, where cohesion and cooperation develop; performing, where the team achieves high levels of productivity; and adjourning, where the team disbands after completing its objectives. 

Advance your Leader ship journey by registering in our ILM Level 2 Certificate in Leader ship and Team Skills - join us now!  

ILM 8601-203 task 2: Team pros & cons 

Task 2 of ILM 8601-203 delves deeper into the pros and cons of team-based approaches within organisations. Learners are tasked with evaluating the advantages and disadvantages of working in teams, considering factors such as collaboration, innovation, decision-making, and potential challenges. This task encourages critical thinking and reflective analysis, enabling learners to identify strategies for maximising team effectiveness.  

1) Identify the responsibilities of the team members. 

Team members serve as the driving force behind a project's progress and achievement. Let's explore the key responsibilities that define their contributions to collaborative endeavours: 

a) Team members actively participate in team activities and discussions 

b) They contribute their skills, knowledge, and expertise towards achieving team goals 

c) They communicate openly and transparently with fellow team members, sharing information and feedback. 

d) They adhere to agreed-upon deadlines and deliverables, ensuring timely completion of tasks. 

e) They support and encourage their team members, fostering a positive and collaborative team environment. 

2) Describe the benefits of teamwork. 

Effective teamwork is a way more than just individuals working together. Let's talk about their advantages in the following points:  

a) Teams bind individuals from diverse backgrounds and perspectives, thereby fostering creativity and innovation. 

b) Collective input and brainstorming lead to better-informed decisions and solutions. 

c) By pooling resources and skills, teams can accomplish tasks more efficiently and effectively. 

d) Working in teams provides emotional support, motivation, and a sense of belonging. 

e) Teamwork offers opportunities for learning and growth as members share knowledge and expertise with each other. 

3) List the disadvantages of working with a team 

Working within a team environment also comes with its own set of challenges. Here are some of the disadvantages of working with a team: 

a) Potential for conflicts: Differences in opinions, personalities, and working styles can lead to conflicts and disagreements. 

b) Coordination challenges: Coordinating schedules, tasks, and responsibilities among team members can be complex and time-consuming. 

c) Free-riding: Some team members may not contribute equally to the team's efforts, leading to uneven workload distribution. 

d) Groupthink: Pressure to conform to the group's consensus may stifle creativity and independent thinking. 

e) Decision-making delays: Building consensus and reaching decisions collectively may prolong the decision-making process. 

Boost your career opportunities and transform into a vibrant Leader by joining our ILM Level 2 Certificate in Team Leading !  

How to pass the assignment? 

Being able to handle the ILM task in a proper manner means putting much time and effort into preparation and paying attention to detail. Students are required to go through the task description, get acquainted with the theory of concepts, and use critical thinking skills to analyse and appraise the given quotes. Time Management skills, focused communication, and an understanding of the expected results from the assignment are all things that are necessary for a successful assignment. 

Are all assignments the same? 

While the overall structure of ILM assignments may follow a similar format, the specific tasks and requirements can vary depending on the qualification and unit being studied. It's crucial for learners to carefully review the assignment brief and understand the unique expectations for each task. Tailoring responses to address specific criteria and providing relevant examples and evidence can enhance the quality and effectiveness of assignment submissions. 

Conclusion 

In conclusion, navigating an ILM Level 2 Assignment, such as ILM 8601-203, requires a strategic approach and a detailed understanding of the task requirements. Exploring ILM assignments becomes an achievable goal for aspiring Leaders and Managers. By mastering the ILM Level 2 Assignment Answers, learners can progress towards achieving their ILM qualifications.  

Cultivate robust team interactions through our I LM Level 2 Award in Leader ship and Team Skills Training - secure your place today!  

Frequently Asked Questions

The ILM Level 2 Team Leader qualification equips individuals with essential Leader ship skills to effectively manage teams and achieve organisational goals. It covers areas like communication, motivation, and problem-solving, preparing pupils for Leader ship roles in various industries.  

ILM is widely recognised and respected in the industry, offering valuable qualifications that enhance professional development and career prospects. By focusing on practical skills and real-world applications, ILM provides individuals with the tools and knowledge needed to succeed in their roles as T eam Leader s.  

The Knowledge Academy takes global learning to new heights, offering over 30,000 online courses across 490+ locations in 220 countries. This expansive reach ensures accessibility and convenience for learners worldwide.   

Alongside our diverse Online Course Catalogue, encompassing 17 major categories, we go the extra mile by providing a plethora of free educational Online Resources like News updates, Blogs , videos, webinars, and interview questions. Tailoring learning experiences further, professionals can maximise value with customisable Course Bundles of TKA .   

The Knowledge Academy’s Knowledge Pass , a prepaid voucher, adds another layer of flexibility, allowing course bookings over a 12-month period. Join us on a journey where education knows no bounds.   

The Knowledge Academy offers various ILM Level 2 Courses , including the ILM Level 2 Certificate in Leader ship and Team Skills, ILM Level 2 Certificate in Team Leading, and ILM Level 2 Award in Leader ship and Team Skills Training. These courses cater to different skill levels, providing comprehensive insights into the ILM Level 3 Assignment Answers .   

Our ILM Leader ship & Management Blogs cover a range of topics related to ILM Level 2 Certification, offering valuable resources, best practices, and industry insights. Whether you are a beginner or looking to advance your ILM Leader ship & Management Skills, The Knowledge Academy's diverse courses and informative blogs have got you covered.  

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