BreakThru Realty

Selling a Preconstruction Condo Contract Before Closing in Florida

Reviewed by Tyson E. Sam, Founder and Broker of Record, BreakThru Realty, Florida License 3565210

The Short Answer

Often yes, if your purchase agreement allows an assignment. Many developer contracts permit it only with written consent, charge an assignment fee, or forbid it until the developer has sold a set share of the units. Read your contract first, then price the assignment against what the remaining units and resales are selling for.

What Your Contract Allows

The assignment clause decides everything: whether you may assign, whether the developer must consent, the fee, any restriction on marketing the unit while the developer is still selling, and whether you can assign more than once. Some contracts allow a transfer only to a family member or an entity you control. Have a Florida real estate attorney read it before you list.

Deposits and What the Buyer Takes On

The buyer of your contract reimburses the deposits you have paid, pays you any agreed premium, and takes over your obligations: the remaining deposits, the closing and the financing. The developer's consent usually releases you only if it says so; read the assignment form.

Pricing an Assignment

Compare your contract price with what the developer is asking for similar units now, with resales in completed buildings nearby, and with the time left to delivery. A buyer pays a premium for a unit they could not buy from the developer at your price; they pay less when the developer still has similar inventory.

Timing and Financing at Completion

If you cannot close yourself, start early: an assignment needs time for the developer's approval. A buyer who will finance at completion needs a lender willing to lend in the new building, which depends on its sales and its association budget.

Taxes

A profit on an assignment is taxable, and how it is taxed depends on how long you held the contract and your situation. Ask a tax adviser before you sign.

How the Buyer Is Found

A broker checks the unit against buyers working with BreakThru Realty who asked for that building or a new development in your area, then reaches the market within whatever limits your contract sets on public marketing.

Own a Condo Like This One?

Condo buyers search by building, floor, view, floor plan and monthly cost, and the buyers working with BreakThru Realty tell us which buildings they want. If you own a unit in this building or one like it, a broker can compare it with those requirements before you list, and explain how the association's reserves, assessments and rules will shape the buyers you attract.

BreakThru Realty works with hundreds of prequalified buyers searching for properties. Before you list, a broker reviews what you own, the market around it and whether an existing buyer's requirements match. If none does, you see how we would position it to reach other qualified buyers.

Find Out If We Have Your Buyer · Discuss Selling With BreakThru Realty

A potential match is a conversation, not an offer, until the buyer sees your property and makes one. No buyer is named and nothing about your property or business is shared until you decide to proceed.

Talk It Through With a Broker

Every sale is its own set of numbers. Request a free valuation built from the closed sales that match your home, or read the market figures for your county on BreakThru Realty Research.

Can I sell a preconstruction contract: Questions

Can I sell my preconstruction condo contract before closing?
Often yes, if your purchase agreement allows an assignment. Many developer contracts permit it only with written consent, charge an assignment fee, or forbid it until the developer has sold a set share of the units. Read your contract first, then price the assignment against what the remaining units and resales are selling for.
Do I need the developer's permission to assign my condo contract?
Usually, if the contract allows assignment at all. Many require written consent and a fee. Your purchase agreement decides; have an attorney confirm it.
Do I get my deposits back when I assign the contract?
Typically the assignee reimburses your deposits at the assignment closing, plus any premium you agree. The assignment agreement sets the terms.
Can I list a preconstruction assignment on the MLS?
Only if your contract and the developer allow public marketing; some restrict it while the developer is selling. Check before you list.

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