Buying land in Canada is a great idea if you are looking for great weather and beautiful scenery. It takes a lot of time to find the perfect Canadian plot, but it is well worth the effort in the end. Canada has so much to offer and can provide a wonderful escape. It is, however, a fairly difficult process that requires quite a bit of work. Does this Spark an idea?
Instructions
1. Decide on a location that is appropriate for you. Find a realtor in that area by doing an online search. Call several realtors to get listings in the area.
2. Ask the realtor about the rules and regulations that apply to foreigners buying land in the Province you are interested in. There are limits as to how much land a foreigner can own, so ask the realtor what restrictions are in place.
3. Start looking at properties. Once you have an idea of what properties you are interested in, apply for a mortgage. Foreigners buying land in Canada will have a very difficult time finding a lendor to lend the money. You may qualify for a mortgage of no more than 65% of the total price of the land.
4. Process your application. American banks are not able to deal with mortgage lenders in Canada, so you will have to have a qualified Canadian to draw up the paperwork. Complete the registration process at the nearest Land Titles office.
5. Decide on the property that you want. Make an offer. Once your offer has been accepted, be prepared to put down 35% of the total cost of the property. You may be able to get the remaining 35% from an American lendor. Call an American lendor to find out if he is willing to make the transaction.
6. Sign all contracts that legally bind you to the purchased property. Make sure that you discuss any questions you may have with your realtor before signing the final documents.
Tags: American lendor, buying land, Canada will, Canada will have, land Canada, will have
