FOREIGN BUYERS
Citizens of other countries can buy and own Real Estate in Canada. Mortgage financing can be arranged through
Conventional Lenders and Mortgage Brokers. Traditionally,
35% down payment is required; however, a 10% down
payment is sufficient in special circumstances. All
Realtors can show any property listed for sale through the Toronto Real Estate
Board's (TREB) Multiple Listing Service (MLS) at any
time; cconsequently, it is
not necessary to have more than one Realtor providing service. Typically, buyers will view several properties and
then make an “offer” by way of Agreement of Purchase and Sale on the property
that best suits their needs. The offer can be
negotiated two or three times until agreement is reached. A
deposit, which is held in trust until closing, of about 5% of the value of the
property, is then required. The Agreement is then
firm and binding. Closing averages about 45 days, at
which time the balance of the Purchase Price is required. The
Buyer and Seller each retain a Lawyer to “close” the transaction. Land transfer tax on every purchase in the Province
of Ontario is about 1%-2% of the purchase price. |
Relocation Realty Ltd.
Real Estate - Brokerage
16 Wakefield Cres Scarborough ON M1W 2C2
416-298-1420 |