Buying Property in Vancouver - Informative Guide for US Buyers
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Since the Real estate customs differ from state to state, I decided to
write a short informative guide for US buyers that would like to buy a
property in Vancouver, Canada. If you'd like to find out more, please
don't hesitate to visit my Vancouver BC Real estate website.
- Finding the right property
Before
your agent starts their research for the right property for you, he or
she will make you familiare with the way the agency works and also will
familiarize you with the 'Working with a Real Estate Agent' brochure,
which you will be requested to sign.
Only then the agent can
start researching for the property you are looking for. The showings in
Vancouver are usually not spontaneous, since not only the listing agent
and you the buyer attend the showing, but also the buyer's agent has to
show up, and getting all these people at one place at the same time is
not as simple. Once your agent discovers the accurate property you were
looking for, it is time for him (her) to prepare the Contract of
Purchase and Sale, which will act as an offer for the seller. For you
to be able to come up the right price, your agent also prepares some
background information. Especially in Vancouver you should expect
multiply offers from different buyers on the same property, so don't
get scared if there is even 15 other offers on the property of your
choice.
- Closing the contract
If your contract is
accepted by the seller, you've got to wire funds for the deposit, which
is usually 10% of the sale price. One must keep in mind that it can
take up to 2 weeks before your payment reaches the Canadian bank.
Providing your deposit in timely fashion is not only proper - it is a
condition according to the contract. A trusty third party banking
services, such as House Global Foreign Exchange will be able to help
you. Once your financing is settled, the Home Inspection Report on the
property was satisfactory, you've gone over all the property's
documentation and all the matters you might had were answered to your
satisfaction, you can remove all that the contract was subjected to.
About the closing date - as a rule it is set two days earlier than the
possession date, to which also all alterations has to be finished.
- Legal settlements
After
that the transaction is ready to be handed to lawyers so that the
documents can get ready. Taxes, federal and provincial, has to be coped
with around this time. You either have to be personally presented to
sign the documents in Vancouver, or you can decide to a law office near
them where all the documents can be signed under seal. The funds then
will have to be transferred to the Vancouver lawyer's trust account.
