…an apartment like building or a series of homes where the individual unit is owned by the person living in (or tenanted) but there are shared areas owned by everyone together.

An assignment is essentially a sale of a contract or right to acquire property. An assignment is a transaction whereby the original purchaser (the “Assignor”) of a property sells, and thereby transfers, their interest and obligations under the original contract to a new purchaser (the “Assignee”). The Assignee will generally assume all of the Assignor’s duties and obligations under the original Agreement of Purchase and Sale. These rights and obligations are stated in the original Agreement of Purchase and Sale and include terms such as interest payments, taxes and maintenance fees during interim occupancy. Upon completion, the Assignee is granted the title to the real property and will incur all final closing costs.

a) Assignor: An Assignor is the original buyer of the unit from the Builder/Developer.
b) Assignee: An Assignee is the buyer of the Agreement of Purchase and Sale from the Assignor. ~ TRREB

Each project will have it’s own structure for deposit from the initial money due at time of agreement followed by a series of increased amounts at specified timelines as the project progresses. Below is an example from one of the projects below, but only as an example. If interested in a specific project, I can go over these details in person.

Normally it is a 20% deposit made in the following manner:
+$10,000 on signing
+Balance to 5% in 30 days
+5% in 120 days
+5% in 270 days
+5% in 450 days