Buying Property in Vancouver (US Buyers)

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 purchase a property in Vancouver, Canada. Should you require more detailed information please 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 have to sign.

After that the agent is all set to start the big hunt for the property of your choice. If you are used to spontaneous showings, forget about them in Vancouver – here 3 people usually attend the showings (of course you as the buyer, the listing agent and your agent as well), which means organizing three schedules of usually very busy people. Once your agent discovers the accurate property you were looking for, it is time for him (her) to provide the Contract of Purchase and Sale, which will act as an offer for the seller. In order to be able to bring in the right price, your agent will also prepare some background information on the property you expressed your interests in. Because multiply offers on properties are very common in Vancouver, don’t be stunned 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. Since providing the payment on time is part of the contract, it is suggested to use a safe third party banking service, like House Global Foreign Exchange. 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. The closing date is usually two days earlier than the possession date for the buyer and all amendments are made to the possession date.

Legal settlements

Now it is time for the layers to play their part in preparing the documents, finishing the transaction and transferring the title onto you. Both the federal and provincial taxes should be dealt with at this point. Don’t forget to arrange your schedule because you have attend Vancouver to signing the deal. Or if that doesn’t suit you, have the documents delivered to a law office where they can be signed under seal. The funds to close the property will have to be wired to the Vancouver lawyer’s trust account.