M city 5 condos for sale. Process of buying a house in Canada. Many foreign students studying in Canada will pay attention to the real-time trend of Canadian real estate from time to time.Please Visit: M city 5 condos for sale to Get Your VVIP Registration Today!
Among them, there are some long-sighted people who consider investing in housing in order to better prepare for future jobs and immigrants. Generally speaking, the sale and purchase of real estate in Canada has followed the brokerage system of more than 100 years in North America: without personal communication, buyers and sellers buy and sell through their own brokers.
The process of buying a house in Canada is different from that in China. After summing up, there can be 15 steps.
1. Identify what you need (Set Goal).
First of all, to buy a house, you should be clear about your needs: self-occupation, investment, and changing houses. Different requirements, the selection criteria are not the same.
2. Make a budget (Budgeting).
What is the approximate budget for buying a house? 1 million or 1.2 million Canadian dollars? Is it an apartment or a villa? You should have a clear idea of all this! After you have made your budget, go to the bank to apply for a pre-approval, and the bank will decide how much loan line will be granted to you according to your comprehensive conditions.
3. Choose a good broker (Sales Representative).
If you are fully aware of where you want to buy a house in Canada, what kind of house you want to buy, and how much your budget is before you buy a house. If you have a preliminary idea of all these, you may buy them yourself. If you are not familiar with Canadian real estate, you will need a buyer’s agent to handle these tedious tasks for you, who will give you the best purchase plan through experience and mastery of the market.
4. Choose a house (Hunting).
Decide what type of property to buy according to your needs and budget. Like the school district room.
5. Draft the contract (Offer).
After the house selection is over, your Canadian real estate agent will draft the contract. The contract in Canada is called Offer at first and Agreement only when it is finally concluded.
6. Negotiation between two parties (Negotiation).
After the Offer is submitted to the seller, it comes to the stage of negotiation between the two parties. In the process of negotiation, the buyer and seller do not meet directly, but bargain through the brokers of both parties.
7. Sign a contract (Agreement).
Finally, the buyer and seller reached an agreement and signed a formal contract. Both parties sign the formally drafted contract and Agreement is reached.
8. Pay the deposit (Deposit).
After signing the contract, the buyer will immediately pay the seller a deposit. The deposit is usually 5% of the house price.
9. Professional room inspection (Inspection).
After paying the deposit, the buyer asks a professional surveyor to inspect the house to see if there are any quality problems.
10. Apply for a loan (Mortgage).
Pass the house inspection and wait for the bank to grant a loan. Banks generally need 4 or 5 working days to approve loans.
11. Commissioned lawyer (Solicitor).
After the contract is confirmed, we need to entrust a lawyer. In China, buyers and sellers transfer ownership at the real estate trading center. There is no real estate trading center in Canada, and the transfer procedures are completed by lawyers entrusted by both parties.
12. Housing Insurance (Insurance).
This step is to buy insurance for the house through a professional insurance broker.
13. Down payment (Down Payment).
Before the delivery of the house, send the down payment to the lawyer, and then the lawyer will give the down payment to the bank on your behalf.
14. Final room inspection (Final Go Through).
You have another chance to make a final inspection before the house is handed over. It is usually arranged the day before the delivery date.
15. Housing delivery (Closing).
On the day of delivery, your lawyer informed you to go to the lawyer’s office to pick up the key and the certificate of title to the house.
You know, when you buy Canadian real estate, you will not only get a house, but also enjoy the same policy as Australian residents who invest in real estate, that is, national treatment.