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Buying a house can be a difficult task. Buying a house in another country can be a nightmare. That is if you have not done your research. There are different financial and legal aspects of purchasing a home in Canada compared to other countries. The key is to be well informed of all these before starting your search.
As with any home purchase there is so much that we do not know, unless we are trained in real estate. The most important step in this process is to find a reputable real estate agent that can guide you through the process. This is especially true if you are visiting Canada and want to purchase a home. Canadian real estate agents are required to present you with a pamphlet explaining to you the nature of their relationship with you and their responsibilities to you. Your agent is to act on your behalf and abide by your instructions (so long as they are legal), at all times.
When making such a large purchase you want to know that your transaction is completely secure. Canada audits their real estate brokers once a year to ensure that they are following regulations. Real estate agents are required to have an insurance policy that protects purchasers. In some provinces also have a recovery fund to indemnify clients who are fraud victims. All of these safeguards are in place to protect people from unrepeatable agents.
When purchasing a home in Canada you must be aware of the restrictions and rules that are in place in each province for non resident buyers. Each province has different regulations and restrictions. This is where having a professional agent is imperative. Such as, on Prince Edward Island, If you are a non-resident you must apply to the Island Regulatory and Appeals Commission for land over 5 acres in size, or land with more that 165 feet of shore front property. With each province having different restrictions it is important to have an agent that knows what the rules are to help you through the purchase process so that you do not become extremely frustrated. In Canada there is also an agency called Fintrak that collects data on non-resident real estate buyers to ensure no money is laundered in Canada for terrorist activities. This system was put into affect since the tragedy of 911.
Purchasing a home in Canada includes knowing how to finance that home. There are many fees involved in your purchase. There is the purchase price, transfer tax, appraisal fees, inspection fees, insurance costs, and closing fees. You must also have your down payment in order. The larger your down payment, the lower your monthly payment. When your down payment is less than 25% of your purchase price then your loan must be insured with a mortgage insurance company.
Purchasing a home is probably the largest investment that you will ever make. The trick is to make sure that it is not the biggest mistake that you ever make. Contact a professional real estate agent to help you through this difficult process and make it a dream come true, not a night mare cone to life.
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