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.