Since the Real estate practises 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. Should you require more detailed information please visit Vancouver BC Real estate website.
Finding the right deal
At the beginning your agent explains the way his or her agency works to you and you are also given the ‘Working with a Real Estate Agent’ brochure, prepared by the BC Real Estate Association, which you have to sign.
Then your agent starts his or her search for suitable houses for you. Real estate practise in Vancouver is different probably from most other places, because both the agents (the listing and the one representing the buyer) plus of course you as the buyer have to attend the showing, so it usually takes some time to synchronize everybody’s schedule. After your agent finally finds the property that suits your wishes, a document called The Contract of Purchase and Sale has to be prepared by your agent, which is basically an offer to the seller. You will not be able to bring in the right price to the seller without some background information, so your agent will get them and together you come up with a price offer. Because multiply offers on properties are very common in Vancouver, don’t be surprised if you’re not the only interested person.
Closing the contract
Once the seller accepts the suggestion, the deposit has to be wired to him. It’s usually 10% of the final sale price. It might take even 2 weeks before the money arrives from the USA to Canada. You might choose to use some sound third party services (e.g. House Global Foreign Exchange) that would guarantee a timely delivery of the deposit, since that’s part of the contract. The contract could be subjected to many issues as financing in place or home inspection report and so on. Once everything has been dealt with, you can remove the subjects. 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 deal 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 choose to have them couriered to a law office near them where all the documents can be signed under seal. The funds to close the property will have to be wired to the Vancouver lawyer’s trust account.