Buying Real Estate in Salmon Arm
Buying Vacation Property For Sale BC is Easy with Jeremy Osborne!
Buying real estate in Canada is easy. Especially when you have a great agent on your team to help! Buying Vacation property for sale in BC is also a great investment.
From a residency point of view, if you plan to stay in Canada for 6 months or less each year, the government considers you a non-resident. This means that you can still open a bank account and buy property, etc. If you plan to live in Canada for more than 6 months per year, you must apply for immigrant status.
It is important to note, however, that while the majority of Provinces have no restrictions on foreign ownership of real estate in Canada, some do limit the amount of property/land that a non-resident can purchase. Always check with your agent and local land authorities before making a deposit.
Once you have chosen a REALTOR®, secured a mortgage and found your property, an offer is made and once accepted, a deposit is payable. When buying a house in Canada, an offer must be made in writing so that all aspects of the transaction are clearly outlined within the offer. Once you (the buyer) have signed the document, it becomes legally binding.
If you withdraw from the offer at this stage, you may lose your deposit and may also be sued. Make sure that every item staying in the property, i.e. carpets, fixtures and appliances, is written on the offer as ‘chattels included’. Your REALTOR® should also insert two clauses. One stating that the offer will only proceed subject to building inspection. The other, that you as the buyer are able to meet your financial obligations.
Once your offer is complete, it will be presented to the seller and negotiations will be made. This may include changes in price, completion date and chattels. The changes are initialled by the seller and returned to you (the buyer) for your initials. The resulting Agreement of Purchase and Sale will state the purchase price and the deposit. The deposit is placed in a trust account. It is credited towards the purchase price once the offer has been accepted by both the seller and the buyer and the transaction is complete.
Most REALTORS® are self-employed and are on negotiable rather than fixed commission (payable by the seller). A purchaser can buy property using any REALTOR®, regardless of whether that REALTOR® originally listed the property. There are usually 2 REALTORS® involved in a sale – the seller’s agent and the buyer’s agent. The commission received upon the sale of the property is divided between the 2 REALTORS®. Some agents can also be dual agents but must declare this to buyers and sellers alike.
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