Mortgages

Guide to buying abroad in Canada

House Canada consists of 10 provinces and three territories and is the 2nd largest country in the world after Russia. With the main language in Canada being English it is becoming more popular for Brits to look to buy property in Canada.

Canada has provided great opportunities for people of all backgrounds to immigrate and in recent years a fair proportion of UK farmers have decided that Canada can offer cheaper land and more productive farms.

With a country so vast the options for Sun, Sea or Snow is there its just up to you what you choose and how remote you want to be. There are of course the major cities such as Ontario or Quebec but the pull of the glorious mountains and countryside may be more inspiring. With the lowest density of population in Canada just 3.5 people per kilometre there is plenty of space to choose from.

 

House The most common way to buy a house is through an auction. Once you have found the property of your choice and the price has been agreed with you the buyer and seller a preliminary contract, often called an Offer to Purchase or Agreement of Purchase & Sale will be signed by both parties. This is the start of what is a very regulated process. A deposit is then required by the purchaser.

This offer to purchase can be either firm or conditional which means that if it is a firm offer there are no conditions attached but if conditional the sale is subject to particular conditions. A conditional offer is standard if you are looking to secure finance on the property and very often that it passes a satisfactory building inspection. This then safeguards you if the building fails such an inspection since your offer would then be null and void or if you are unable to secure funding. In this situation you would be able to claim your deposit back.

For more information click here where we detail lending criteria and buying in Canada

Get Your Free Mortgage Quote Here