No, there are hardly any restrictions on foreigners buying real estate in Canada. From houses to condominiums, the buying process is relatively simple. Here’s how it works.
The agent or real estate representative, usually with an attorney, helps prepare an Offer to Purchase. This is presented to the seller, together with a maximum deposit of 10 percent of the purchase price. The seller will reject, accept, or make a counteroffer.
The person buying real estate and the seller agree on a price.
A copy of the signed agreement is sent to the attorney, who notes the closing date and examines the conditions of sale. The attorney must be advised how the buyer will be registered in the title.
During closing, all conditions, such as home inspection, must be honoured by the stated date.
An up-to-date land survey must be done.
The attorney ensures the seller has a clean title and also checks government legalities and other regulations. This includes making sure there are no liens and that property taxes have been paid.
A Statement of Adjustment is prepared by the attorney, confirming the selling price, how much the buyer must pay the seller, and the balance of the down payment. A cheque for this amount is paid to the attorney in trust.
Lastly, the attorney pays the seller, registers the property in the buyer’s name and provides a deed, as well as keys to the home.
For many years, we’ve been helping Canadians and foreigners with buying real estate in the Georgian Triangle. If you’d like to know more, please feel free to get in touch with us any time.