This section is applicable in markets where presale contracts may be assigned from the original buyer to a new purchaser prior to title transfer/contract completion.
If a purchaser assigns their interest in a purchase contract prior to completion, the assignment can be recorded within Spark. To record an assignment, begin by ensuring the new buyers are entered as contacts within Spark. Next, navigate to the appropriate contract details page. Click the micromenu at the top right of the page and select Assign.
Use the dropdown list(s) to enter the new purchaser(s). Enter the lift price (if applicable), the payment terms, the assignment fee and the assignment date. Once all of the information has been entered, click Assign. The original purchase contract will be archived and replaced with the new contract.
There are a few important things to note:
- If there was a realtor on the original contract, this will be carried over so that the commission is still owing to the original realtor.
- Deposit payments, color schemes, options/upgrades, additional parking and unit discounts will also be carried over.
- If you record a lift price, this will be reflected in the new purchase price. If the deposits are based on the purchase price, they will also be adjusted. If the lift is being paid to the original buyers, not the vendor, and the deposit should remain the same as for the original contract, do not record an increased lift price in the assignment modal. If you are required to record any lift and do not want the contract list price/deposits to change, you might choose to record the lift as an additional field or note.
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