Canada is one of the most investor-friendly countries in the world. This explains why the name of foreign investments in Toronto has been on an upward trend. One of the areas that many investors have targeted in Canada is the real estate sector.
It is possible to buy land or apartments whether you are in Canada or not. However, the threshold is higher for the foreigners. This article looks at how to purchase property when you are in Toronto.
As we had stated earlier on, foreigners can purchase property in Canada. However, the process of owning property in Toronto is different from the foreigners. The foreigners have to be vetted to ensure that they are not involved in money laundering or terrorist activities.
There is no restriction on the amount of property that a foreign investor can purchase in Toronto Canada. Purchasing property in Toronto does not, however, give the buyer immigration privileges. If a foreign investor wants to live in Canada, he is usually subjected to immigration laws of Canada just like any other immigrant.
Purchasing property in Toronto is not cheap. It is one of the highest in the world bearing in mind Toronto is regarded as a prime area. We have various lenders that you can approach to be financed if you need to purchase property in Canada. Before property changes ownership, you will be required to sign a contract and pay at least 35% of the total cost.
Before the lenders give you the money that you need to purchase the property, they will have to do a background check to ensure that you are credit-worthy. If you are a foreigner, you will have to pay higher mortgage rates than the locals.
When you are purchasing property in Toronto, you must bear in mind that it will attract some form of tax at the end of every financial year. If you are selling or buying property in Toronto, you may need to get in touch with the accountant or local government to be told the amount of tax that you are required to pay for the piece of property.
Like is the case with the mortgage rates, the taxes that the Canadian citizens pay is considerably lesser than want the foreigners will be required to pay. Paying taxes on the property you own is mandatory as failing to might make you lose the property.
Once you have purchased property in Toronto, always make sure that you ensure it. We have different insurance companies that offer property insurance.
In the event, the apartment that you purchase has been destroyed by fire, or you have been conned, the insurance company will be in a position to compensate you if you have insured the property.
It is crucial to note that the official documents like the title deeds and land leases are what is used to tell the owner of a given property.
It is recommended to hire a property lawyer who will take you through the process of purchasing the property. He will advise you accordingly and explain the clauses that you find difficult to understand.…
The number of first-time home buyers has increased drastically in the past decade. This has been caused by the fact that more people have taken family responsibility seriously.
However, just like any other field, it is always important to have the right information when purchasing the perfect house. This read shed light on some of the steps that should be explored when buying the homes in Canada.
Before you begin the purchase process, it is essential to have a mortgage pre-approval. Most realtors in Canada will need to have a look at the mortgage pre-approval of the buyers before they show them some of the houses that they have.
The purpose of the mortgage pre-approval is to show the buyers the homes that are within their budgets. You might need to visit a mortgage professional who in turn will look at your finances and help you to select the mortgage that you can afford.
The house shopping and price discovery is the second step when you are looking for the ideal house in Canada. We have various ways in which you can go about with the house search. Luckily, thanks to technology, you can quickly browse the internet for some of the houses on sale in Canada.
In the past, home buyers would have to walk to their preferred destinations as they looked for houses that had the “house on sale” sign. We have various realtor’s websites that allow the potential house buyers to filter the house on sale based on price, location, and size.
Home Inspection, Purchase and Deposit
After you have selected the perfect home, you will need to go and inspect it before you can make any payment. The process is typically handled by a real estate agent who will take you to the physical location of the house and let you inspect the home to ensure that everything is okay.
Once satisfied with the help of your attorney you will fill out the relevant paperwork that will transfer the ownership from the seller to you. If you have all the cash, you can pay for the house and close its transaction. However, in most cases, people usually pay for the homes in bits. In such circumstances, the house buyer will be required to make a deposit and settle the balance within a given duration.
Approval of the Mortgage
If you had applied for a mortgage, then this will be the fifth step when it comes to buying a house in Canada. The mortgage approval process is identical to the pre-approval process. However, during this process, the applicant has the house that he wants to purchase.
The mortgage lender will have to go through the application and approve the property. Once the application is approved the buyer can go ahead buy the property that he selected.
Get the Keys
Once all the parties have agreed, and part or the entire amount of money has been paid, the buyer will be given the keys to the house.
It is on the closing day that the buyer will get legal possession of the house. The buyer is advised to get a property lawyer who will guide him through the entire process.…