Assigments were very popular in the 50's and 60's and they may be coming back in a very big way. The company AssignNewYork is an assignment company that has been steaqdily growing since 2004. Theyve helped sellers and buyers (simultaneous) save thousands of dollars at closing. In order for them to do this the assignment process must begin at the inception of the transaction.
For years the commercial property has been transferred with an assigment to save the buyer the mortgage tax that was paid on the property. In fact, residential mortgages were typically assigned in the mid 1950's and 1960's. It hasn't been common in the residential market in decades.
The seller of the home also benefits from the assignment. In most cases the seller will avoid paying the New York State transfer tax they are typically obligated to pay when selling a home. The New York State transfer tax rate is .4% on the sales price of a home. If the seller chooses to assign the mortgage on their home and the lenders allow this assigment, the seller can save up to $2,000 just for signing an authorization.
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