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If you're a foreign national thinking about investing in the real estate market in Canada here's a run down of the typical buying process you should expect to encounter together with a general explanation of mortgages available to assist with the purchase.
First things first though, you have to find your ideal property of course!
But let's assume you've done that with the help of a good estate agent and you're ready to move forward with an offer.
It's important to know that from the outset the entire process surrounding the buying and selling of real estate in Canada is a regulated process. This means the process should follow the basic format as described below and that you will be protected throughout by the rules governing the process and the actions of those involved in it.
Once you find your dream home in Canada you make a financial offer to purchase to the vendor - probably via your agent - which your estate agent is legally bound to submit to the vendor whether or not it matches the asking price. Negotiations proceed until a purchase price is agreed upon between you and the vendor, at which point both parties sign the 'Offer to Purchase' - also known as 'Agreement of Purchase & Sale'.
This is a preliminary contract and it is either 'firm' or 'conditional'
A conditional preliminary contract usually contains terms relating to the successful securing of finance to buy, or to the satisfactory completion of building surveys etc., and it only becomes firm when all the conditions have been met.
If you are using a mortgage to purchase your home it is essential to have this noted as one of the terms, because if you fail to secure your mortgage and the contract falls through you will want your deposit back!
A firm preliminary contract is not subject to any terms or conditions, if it is broken by the purchaser they lose their deposit, if it is broken by the vendor they may be subject to a financial penalty.
Your deposit will be required when signing the Offer to Purchase, and the contract will contain your completion date.
When the completion date is reached and all conditions for the fulfilment of the contract have been met, the remainder of the purchase price together with all fees will be payable.
Monies are paid to the vendor via the solicitor or notaire handling the legalities of the sale. At this point both the purchaser and the vendor sign the 'definitive contract' which is called 'Acte de Vente' in Quebec.
If purchasing in Quebec this final part of the sale is managed by a notaire who in this case is a government official - s/he is responsible for the conveyancing and as a result s/he represents both the purchaser and the vendor...it therefore makes sense to employ your own legal representative in Canada to make sure your best interests are served and protected throughout the process.
The solution to current property laws in Bulgaria
It is possible to by land via Bulgarian company incorporation. Currently incorporation costs approximately 650.00 GBP. Also other points to note are as Bulgaria prepares to become a full EU member in 2007 it will begin to harmonise its property laws with the EU and also if you decide to by a new property off plan then you will not require company incorporation.
Property prices in Bulgaria
Older properties and especially those in need of restoration seem to have quite a varied pricing structure and if this is what you want then the best bet is to fly over, get your haggling skills up to scratch and you should get a bargain. New off plan costs currently start at around 20,000.00 GBP for a small studio apartment to 120,000.00 for a large luxury 3 bed apartment with best views, facilities and build standards. Chances are that prices will rise significantly between now and 2007, therefore if you're serious about Bulgaria there's no time to loose if you want the best from your investment.
Be quick but don't rush
Acting quickly to get the best property investments is one thing, not taking the time to get full legal advice and understanding of every aspect of the contracts you sign is another. I would always advise you to be careful when purchasing abroad, make sure that you fully understand contract details, payment details and land ownership. If contracts are produced in a language that you don't understand then insist on getting them translated before signing. Buying overseas can be an exciting and profitable experience by taking your time to understand the buying process you will ensure that your property purchase in Bulgaria is a happy and enjoyable experience.
Rhiannon Williamson is an experienced publisher who has produced articles for leading travel and tourism guides and financial magazines. Her specialist knowledge about both travel and finance gives her site Shelter Offshore the unique ability to literally cover every single aspect of moving & living abroad - including the often less discussed offshore tax advantages that can be available when leaving our homeland. Check out her website to find out how you can escape from the rat race, relocate overseas, and profit from your move!
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