How difficult is the property purchase process in the Canada?
There are virtually no restrictions on foreigners buying properties in Canada. The process is relatively simple.
- The real estate representative or agent, preferably with the lawyer, helps prepare the Offer to Purchase to the seller. The Offer of Purchase is presented to the seller with a deposit usually no more than 10% of the purchase price. The seller will accept, reject or make a counteroffer.
- The buyer and the seller agree on the price.
- A copy of the signed agreement is sent to the lawyer who will examine any conditions of sale and note the closing date. The lawyer must be informed on how the buyer, and any other co-buyers if any, will be registered in the title to the property.
- During closing, all conditions in the Offer to Purchase, such as home inspection, must be satisfied by the stated date.
- Have an up-to-date land survey done on the property.
- The lawyer searches the title to ensure the seller has a clean title. The lawyer must also check government regulations and other legalities. This includes ensuring property taxes are paid, and that there are no liens.
- The lawyer prepares a Statement of Adjustment, which will confirm the selling price, the amount the buyer has to pay the seller, the balance of the down payment and adjustments. A certified cheque for this total should be made payable to the lawyer in trust.
- Finally, the lawyer pays the seller, registers the home in the buyer´s name and provides a deed and the keys to the new house.