Can I sell my unbuilt condominium before its finished?

Question

My fiance and I bought a condo unit in March, slated for completion in October 2009. We were planning on staying with his parents until that time, but we're not in a position to that anymore. We're hoping to sell and make back our deposits for the purchase of a resale home we can move within the next couple of months. Can we do this?

Answer 1

.  You haven't bought the condo yet.  You just have a contract with the builder.  You have the legal right to "assign" that contract to someone else.  You could sell it to them for the same price or you could sell it for a profit. If they refuse to close the sale, you would lose your earnest money.  A good idea would be for them to replace your earnest money with theirs.

Answer 2

In most places you can with no problem.  You will have to review the contract you signed with the condo construction company and talk to the company that sold you the unit to make sure, but you will likely not have any significant trouble selling before completion.  

But... you will likely make a greater profit if you wait until completion and then sell.  There are probably a number of units still available and most people would simply purchase a new unit instead of the hassle of buying yours.   If you can hold out another year or two your profit will likely be much better especially once all the units are sold and there is a greater demand for the condo.

Good luck!  

Answer 3

"ed" is wrong.  You do NOT have a legal right to assign the contract.  You MAY have this right, per the contract you signed.  However, I know that our contracts forbid the assignment of the contract.