Canada is the largest country in the North American continent and it’s quite lucrative to buy a property in the country. With so many cities and variant culture, the properties here are worth a shot and perhaps that’s why foreigners are indulged in property investments. A person who will live in Canada for more than six months a year needs to have an immigrant certificate to buy a property. And those who are not living for six months or more a year, he or she can buy property since he will be known as a non-resident.

Restrictions are not imposed in most of the Canadian provinces but certain rules are there in some areas for the non-residents. If we are talking about Prince Edward Island, then one needs to obtain the certificate from the Island Regulatory and Appeal Commission for buying lands over five acres in area. Again, in Manitoba, foreigners aren’t allowed to buy farmlands and if they do buy it, then they need to move in the property within two years.

So, apart from such paltry restrictions, buying a property is pretty much easy.

1. Once you choose the property, the attorney along with the real estate agent will draw up the Offer to Purchase contract and display it to the seller.
2. While displaying, a security deposit of not more than 10% of the assessed property value must be included. It is upon the seller whether he will accept or reject the Offer.
3. If he agrees, then both the parties will sit down together and negotiate about the price.
4. After negotiation, the signing of the Contract takes place and the signed document’s copy is sent to the attorney who deals with the verification of the sale offer.
5. The terms and conditions, which will be mentioned in the Offer to Purchase contract, must be satisfied by the end of the deadline stated in the contract itself.
6. You will need a certificate for the up-to-date land survey.
7. It is the responsibility of the lawyer to verify the cleanliness of the seller’s title, his governmental backgrounds, and other legal connections.
8. The lawyer then draws up the Statement of Adjustment where the total selling price, the down payment, the remaining balance, and all other final information pieces are written.
9. The price for the property must be paid in a certified check to the lawyer first and then he or she will hand over the cheque to the seller, thereby closing the deal.