Glossary · Offers, contracts and closing
Assignment
An assignment is the sale of a presale contract to a new buyer before the home is completed; the new buyer takes over the original purchaser's rights and obligations.
Most developers must consent and many charge a fee. Assignments are reported to the province, and any profit can be taxed as income and under BC's home flipping tax.
Related terms
General information, not legal or tax advice. Rules change; confirm the current figures with the province or your notary or lawyer before relying on them.
