In Part 2 of this series we covered frequently asked questions surrounding mortgage financing. Now we’ll dive into answering your question about the home buying process, insurance costs and requirements and legalities for your property purchase.
Do I need to do my property search in Canada?
Fortunately for you, it’s not necessary to be in Canada when searching for a home. AKAL Mortgage brokers can help overseas non-resident buyers. We can send you videos, live property walkthroughs or online property tours to make your home search easy. You also have the option to have a Canadian family member or friend help with your home search. You will have to come to Canada to open your bank account and deposit your trust deposit funds and/or down payment funds. However, if you have an HSBC account, and an exception may be made without you having to come to Canada.
Can you help me find tenants for my investment property?
Yes, we can help you in finding tenants for your investment property, enabling you to invest without worry. We can also recommend you to a property management company if you require help in managing your property.
Will I need to be in Canada when I purchase my property?
There is no need to be in Canada when you’re purchasing your property, but again you will when opening your Canadian bank account. In order to close your property sale and take ownership, you’ll need the help of a notary public in your home country, as well as a Canadian real estate lawyer to walk you through all of the requirements.
How can I find a qualified real estate lawyer to assist me with my non-resident property purchase?
We have a number of real estate lawyers we work with on a regular basis, and we can recommend one for you that specializes in working with non-residents.
Do I need to be in Canada to sign all the paperwork for the purchase offer?
No, it’s not necessary to be present in-person to sign off on your offer to purchase. You have 2 options available. You can either scan the signed documents and email them back or work with your mortgage broker who can guide you through sign the required documents using electronic signatures.
As a non-resident, can I get insurance and what are the requirements and costs?
If you don’t live in Canada it can be difficult to get insurance for your home. We have some great professional insurance agents we can recommend. Your insurance costs will depend on what type of property you purchase and the area of the property.
If you have more questions about buying, selling or renting a property call our brokerage today and.we’ll give you the answers you need.
Stay tuned for Part 4 on Non-Resident Home Selling and Renting.
When we say Yes! We stand behind our promise.