Document background
The Assignment Of Purchaser's Interest In Land Contract is a specialized legal document used in Canadian real estate transactions when the original purchaser (assignor) wishes to transfer their rights and obligations under a property purchase agreement to a new purchaser (assignee) before the closing of the original transaction. This document is particularly common in pre-construction property sales or in situations where the original purchaser cannot or chooses not to complete the purchase. The agreement must comply with provincial property laws and often requires the original seller's consent. It includes crucial details such as the assignment price, original purchase agreement terms, and conditions for closing. The document is especially relevant in hot real estate markets where property values may increase significantly between the original purchase agreement and completion dates. Special attention must be paid to provincial requirements regarding land transfer tax, GST/HST implications, and foreign buyer regulations where applicable.
