OFFPLAN NEWS

(05.07.2007 )
Real estate Canada Canadian Real Estate Purchase Process

As one might expect from a country as sophisticated and well regulated as Canada the Canada real estate purchase process is straightforward and well documented and both the vendor and purchaser’s rights are legally protected.

In this home buyer’s guide for Canada we detail the entire property buying process for the international real estate investor interested in purchasing property assets in Canada.

Anyone requiring a mortgage to purchase property in Canada should consider getting pre-approval before they begin looking for their ideal property investment.  With pre-approval of a home loan in place it makes the entire purchase process quicker and smoother as any offer made to a vendor will be more welcome when the vendor knows that the funds are available to hand or have been agreed at least in principal with a lender. Furthermore, a real estate purchaser in Canada will get a good idea of how much they can afford to borrow when they approach a lender for pre-approval and this can make the hunt for a suitable home to buy that much simpler when the buyer has a fixed budget in mind.

In terms of the real cost of buying Canadian real estate unfortunately there are many extra expenses that an investor can incur and a real estate buyer should be aware of at least the following fees and charges and question their real estate agent and lender about which they may have to pay: -

Mortgage insurance and loan application fees
Appraisal fees
Deposit of around 5% paid when an offer to purchase is accepted
Down payment of around 25% less the 5% deposit
Estoppel certificate fee
Home inspection fee
Land and deed registration fees
Prepaid property tax refund
Home insurance
Survey costs
Legal fees
Title insurance

In Canada it’s essential to establish a good rapport with a real estate agent.  Unlike in many emerging property markets around the world Canadian real estate agents are licensed and work hard for the buyer by assisting with finding the ideal investment property in Canada, preparing and submitting offers to purchase, entering into negotiations with the vendor and ensuring that the real estate investor’s path through the property buying process is smooth and straight forward.

The other person to establish a good rapport with is a lawyer (or notary if buying in Quebec) who will work on behalf of the real estate investor and protect their legal interests throughout the process.

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