September 4, 2012
Can you sell a house before you take possession
This week’s featured answer:
The answer is MAYBE! If you have bought a new development (house, condo, townhouse) the developer may not allow the assignment prior to closing. Every new development contract states that Assignment prior to close is not allowed but some have amendments inserted into their contract to allow this for a fee (usually $5K). If allowed, the developer needs to approve the new buyer etc…
If you’re talking about a regular resale property, you can sell prior to closing. If you find a buyer, there’s little the Seller can do to stop the assignment. Of course it can be an issue if the new buyer cannot close on the place – but you would take steps to ensure their ability to close (via mortgage commitment, large deposit etc. …).
See original post and more Real PRO answers to this question.