A great many preconstruction buyers assume they can sell the contract before closing. Most contracts say otherwise, and the ones that allow it attach conditions.
This page covers the mechanics. The assignment terms for a specific building come from the desk. Contact the desk at Miami Dossier for the current position on any building we cover.
Most Miami preconstruction contracts either prohibit assignment outright or permit it only with the developer’s written consent, frequently at the developer’s sole discretion.
Developers restrict it deliberately. They are selling a building over several years and do not want their own unsold inventory competing with resales of contracts at lower prices.
If your plan depends on assigning before closing, that plan needs to be confirmed in the contract before you sign, not assumed.
Some contracts allow assignment after a defined construction milestone, or once the project is substantially sold out, which is precisely when the developer no longer minds.
Where permitted, expect a fee. An assignment fee expressed as a percentage of the purchase price or of the assignment profit is common, and the developer generally reserves approval of the assignee.
Ask three things. Whether assignment is permitted at all, at what point, and what the fee is. All three are in the document.
You are selling against the developer. Until a project sells out, your contract competes with the developer’s own inventory, and the developer controls the price, the incentives and the sales gallery. That is not a fair fight.
The buyer pool is narrow. An assignee is buying a contract on an unbuilt home, cannot finance conventionally in the same way, and must be approved by the developer.
Your capital is committed either way. Deposits already paid are not returned on assignment, they transfer with the deal, and the negotiation is over the difference.
Assignment works best in a rising market with a sold-out project, which is exactly the situation in which you would most want to keep the home rather than sell the paper.
It works worst in a slow market with unsold developer inventory, which is exactly when you would most want out.
So treat assignment as a possible convenience, not as the exit strategy. If you need a reliable exit before delivery, preconstruction may be the wrong instrument, and that is a legitimate conclusion to reach.
The right to assign is a term, not a default, and it is worth least exactly when you would need it most. Ask the desk at Miami Dossier for the assignment provisions on the building.
We hold no inventory of our own and we are not the developer. Ask the desk at Miami Dossier and we will tell you what applies to your situation, what does not, and where we would not proceed. Here that starts with whether the contract permits assignment at all. Where the question is legal, tax or immigration, we will introduce you to advisers who handle that properly rather than answering it ourselves.