How To Buy A House In Canada

Buying A Home In Canada

First Published Date: Oct 3, 2010

Canada is a beautiful country with a lot to offer the world. It is generally considered to be one of the best countries on Earth to live in. If you already live in Canada, you know exactly what we are talking about, if you don’t then you need to visit the second-largest country on Earth. You can live on the cool east coast, the northern rainforest of the western coast, the prairies, the tundra of the north, the land around the Great Lakes, in the mountains, anywhere.

Living in Canada, you probably know where you want to live in Canada, so now you just need to figure out the house you want and how to go about buying it. To help you out, here is a step-by-step guide to buying property in Canada.

1.    The first thing you have to do is look at how you are going to pay for the house. This involves financing and when a seller knows you can secure financing, they will be more open to negotiating the final sales price. When you are buying a home in Canada, you should have at least 5 -20 per cent of the purchase price as a down payment. This may seem like a lot, but Canada has stricter guidelines than the United States for homeownership, which is one of the reasons why Canada did not suffer as large of a mortgage meltdown as their neighbours to the south. The loan can also be amortized over 25 years, with 25 years being the typical length for a mortgage. You are no longer allowed to have anything over a 40-year mortgage due to new rules. If you do not have good enough credit though, or the down payment, you will not get the house because credit guidelines and laws are much tougher in Canada than in the United States.

2.    At this point, you need to go onto MLS.ca to find the home and realtor for you. MLS will allow you to do searches by area and price, number of bedrooms, and a wide variety of other criteria to find the perfect home for you. Using a map service, you can see exactly where the house is and even see all the homes in the area you want to live, that are in your price range right in front of you.

3.    Through your realtor now, after you have found the home you want, you will negotiate your Offer to Purchase/Agreement of Purchase. One good tip is to hire an attorney who can review the contract for you.

4.    Put all your paperwork in and wait for the bank to approve your mortgage. You should schedule a closing so that the bank will approve your mortgage, or at least give you word back on it, in a timely manner.

5.    Now, once approved, sign the paperwork and put the funds through a solicitor. You will pay transfer taxes, title insurance fees and mortgage fees at this point.

Now, just enjoy your house!

Real Estate In Plovdiv

Moving To Plovdiv

First Published Date: Aug 2, 2010

Bulgaria is a very interesting and historic country that many people are choosing to move to for the affordability of the houses, the history of the area and the amazing landscape and climate. There are many different places you can move to in Bulgaria and one of the best is the city of Plovdiv, which is the second-largest city in Bulgaria with a population that numbers 381,110 people. The history of Plovdiv goes back a very long time, roughly 6,000 years, and it has been occupied by some of the largest empires in human history, including the Roman Empire.

Plovdiv was a major Roman city after it was a Thracian settlement and it has been a part of the Byzantine Empire, Bulgarian Empire and Ottoman Empire. The city itself sits on the southern Plovdiv Plain along the banks of the Maritsa River and the city has seven hills surrounding it that stretch to one-quarter of a kilometre high.

The climate of the city is heavily influenced by the Mediterranean Sea, and the temperature difference between winter and summer can be extremely pronounced. Summers are very hot and very dry, with roughly 38 days a year going over 30 degrees Celsius. The winters are quite cold, giving the area an average temperature of 12.3 degrees Celsius. The city is also a major cultural center for Bulgaria, which makes it very popular among foreigners who want to move to the country. There are over 200 archaeological sites in the city including Ottoman baths, two ancient theatres, medieval walls and towers, churches, museums, galleries and more.

If you are going to move to Bulgaria, it is not as easy as just packing up and going to the city of Plovdiv. There are important steps you need to follow.

1.    You need to create a Limited Liability Corporation within Bulgaria as the only way you can buy a property in Bulgaria as a foreigner is to be the owner of an LLC within the country.

2.    If you are going to be staying in Bulgaria for longer than 90 days, you will need to get a D-status visa from the Bulgarian government. Ensure you clear your visa with the government before you move to Bulgaria to ensure there are no problems.

3.    The last thing you need to do is to find a notary public within Bulgaria who can oversee the transfer of your new home within the city of Plovdiv from the previous owner to yourself. In Bulgaria, only a notary public can legalize a property sale.

Plovdiv is a very old city that has over 6,000 years of history attached to it. If you are going to move to Bulgaria, then the city of Plovdiv is the city that you should seriously consider. Beautiful landscapes, wonderful people, a long history, it is the perfect place to live within Bulgaria. Just make sure you clear your house sale properly so that there are no problems when you move to Plovdiv.

Canada’s Real Estate Market Health

Canada Housing Market

First Published Date: March 30, 2010

While many other western countries, most notable the United States, are still experiencing the aftershocks of a housing bubble crash, the Canadian real estate market is still doing quite well. Since the start of 2009, the average home price in Canada has risen nearly twenty five percent, with the volume of home sales at nearly seventy five percent. What does this mean? Simply put, it means that Canada has a very healthy, vibrant real estate market. And this signifies that it is currently a good time to purchase real estate in Canada.

But why has Canada’s real estate market been so healthy? Why has it outperformed its southern neighbour? There are four basic reasons why. The first reason is that Canada has maintained a set of high quality lending standards. The lack of this high quality lending was a great problem in the United States’ recent real estate crash. Related to the first reason, the second reason is the single regular “lack of regulatory capture.” In Canada, regulation is much more consistent and uniform than in the United States, and the regulating body tends to be much more in lockstep than the US’s regulating bodies. This has a direct effect on not just clarity of information, but also on issues such as corruption and trust.

The next reason is relatable to the first: high risk mortgages in Canada require the purchase of mortgage insurance. The final reason is what is termed “full recourse mortgages.” In the Canadian real estate market, a person may walk away from his or her home, but not the debt. This has a direct affect on consumer behavior – it limits risk on the consumer end, essentially. Each and every one of these traits of Canada’s real estate market plays a role in why it has remained healthy. And it is exactly this stability and market health that makes real estate such a great investment in Canada, even while so many other countries are struggling with real estate problems.

If you’re already set on purchasing some form of real estate in Canada, the question then becomes what? Are you looking for a short-term solution, or a lifetime investment? How much space do you need? How many rooms? And then, just as importantly, you need to know how much you’re able to afford, and how much a home mortgage will cost per month and overall. Now this is one area in which real estate operates in Canada much like it does in the United States, and most everywhere else.

See, regardless of the regulations involved, all financial transactions from direct exchanges of goods and services for money all the way to borrowing and lending are governed by universal economic laws. How much you’re able to afford in monthly payments is necessarily a function of how much income and savings you have. These also have a bearing on what size of a mortgage loan you’ll be approved for. As a general rule, you’ll be approved for a larger loan if you have a higher income and increased savings. Of course there are other factors involved, such as other debts or financial obligations, as well as the current health of the market.

The simple facts are these: when purchasing a home, you’ll want to be approved of a mortgage large enough to complete the transaction of the home; you’ll want your mortgage rate to be as low and as beneficial to you as possible; and finally, you want to purchase the home in a stable market environment. These three facts all still come together very well in Canada, and they make purchasing real estate there a generally wise investment

Real Estate In Sofia

Moving To Sofia in Bulgaria

First Published Date: Aug 7, 2010

One of the most beautiful countries in all of Eastern Europe is Bulgaria. A country that borders several countries, as well as the Black Sea, is a sight to see and when you are thinking of moving there, you cannot do any better than the capital city itself; Sofia.

Sofia is the largest city in Bulgaria, and the 12th largest in all of the European Union, with a population of 1.4 million people. Sitting at the foot of the Mountain Vitosha, it is the center for everything economic, educational and cultural within this country.

Sofia is a great place to live because it offers several opportunities to those living in the city. It has many historical sites, including a UNESCO World Heritage Site in the Boyana Church, which was constructed around 1,000 years ago. As well, along with many great museums, theatres and more, there is the Sofia Zoological Garden, which was created in 1888. Sofia also has a very low unemployment rate of only 2.45 percent.

If you are going to buy property in Sofia, there are some things to consider. First of all, make sure you do the research about the city and the areas within it. You want to make sure you live in an area that reflects your tastes. It is a good idea to have someone you know, or a real estate agent, find homes for you that you can look at from where you are.

Once you have chosen an area to live in, you need to do some more things to ensure that you can buy property within Sofia.

First, you need to establish a LLC (Limited Liability Corporation) within the country of Bulgaria. Foreigners can only buy property within Bulgaria if they are the owners of an LLC. However, it is important to point out that unlike in the United States where a LLC prevents you from assuming the debt of the company; in Bulgaria you do assume the debt.

Second, you need to make sure that you clear your visa with the government before you stay there for too long. You need to have a D status visa from Bulgaria if you are going to be staying there, and in the city of Sofia, for longer than 90 days.

Lastly, you need to get a notary public to oversee the transfer of the home from whoever owns it and to yourself. Only a notary can legalize a property sale within Bulgaria.

All in all, Bulgaria and especially the capital city of Sofia are great places to live. That city has some buildings that are 500 years or more in age, and the history and culture is unmatched by many other cities, not only in Eastern Europe but in the rest of the European Union as well. So, when you decide to buy a home in Sofia, Bulgaria, just make sure you do it right and get the home that you are hoping for. After that, you just have to let this city enchant you so you fall in love with it.

Tips on Buying and Selling a Real Estate Property in Canada

Canada Real Estate Home Buying and Selling Tips

First Published Date : March, 2010

Canada is a good home to many immigrants and natives. Some immigrants end up spending their lives in the country. Attractive real estate market in Canada is one of the major causes. One can buy a home or a commercial property and still have a chance to sell it later. In fact one can join in the business of buying and selling real estates any time, as long as he or she knows how to do it.

The following steps can help a potential property buyer who wishes to invest in Canada soon:

Decide on the area- Canada is a big country and each section has its merits in terms of real estate investment. Foreigners can use Internet as a source of geographic information. Visit the country if possible.

Source of finances- Canadian banks are the key source of finances. They normally demand a thirty five percent down payment on real estates. Mortgage loan is allocated over a period of twenty-five years. Evaluate several options while keeping in mind that credit is difficult to find in the country.

Locate an agent- a mortgage broker understands the nature of Canadian market and can help you lower the overall cost. International investors can still find correct brokers from home. These agents understand better the agreement of purchase document.

An attorney is vital- it is important to allow an attorney check all documents regarding the purchase process. This results to extra overheads apart from brokerage fees.

Closing the process- submit all required documents, receive mortgage documents and read them carefully. Sign or ask for extra clarification.

If a person is not buying a real estate, he or she could be interested in selling. Canada being a civilized country, immigrants and natives are always willing to buy properties. In fact within three or more months one can sell his or her property.

The following steps can help a Canadian or international real estate owner sell his or her property:

Pay a contractor- an older house requires a makeover before it can be sold. There are many certified contractors in the country that can improve the standards of older properties. Make sure the contractor of choice is a member of Home Builders Association.

Work with An attorney- selling a property is not a simple process because it has to be legal. This explains the importance of a lawyer who represents any legal formalities. A real estate agent can serve the same role too but one has to be prepared to pay a commission.

Advertise the house- one must find a way to advertise a property to attract bids. Online advertising is working amazingly nowadays. It is a good method to attract even international investors to the property on sale. One can also advertise in local papers, including the home’s image.

Even so, it is advantageous to try MLS listing organized by Canada Estate Association. This listing can be found online now and many property sellers are using it. The key requirement is a property disclosure document that should be filled in.

Handling appointments and sales after posting a property ad, interested buyers will call to set an appointment to perform evaluation. A seller can invite everyone but must be careful with offer acceptance. An attorney or an agent becomes very essential in this final step.