How to Buy in Toronto, Canada if you live in Foreign country!

Just recently a lady from New Delhi, India contacted me in regards to buying a home in Canada and had several questions on what the precedure is.  If she could get a mortgage loan, etc.  So if you are a foreigner where there are no rules in your country prohibiting you from owning property elsewhere then here is an example of what you'll need to do.

1.  Contact a local Realtor, you can trust, like myself who the experience to advise you in the Toronto Real Estate Market.

2.  Let them know exactly the reasons why you intend to buy.  Investment, personal use because you are planning to move here.

3.  How much money you have to invest and what are you looking for.  A house, condo, commerical.

4.  If you are not paying ALL CASH and need a mortgage loan, then you will need to qualify.  So if you need a bank loan to buy a house, you will need have a minimum 35% downpayment, plus 6 months carrying expenses in your bank account.  Plus show income source / job letter to secure a mortgage.  In addition banks require you to "sign in person."  You can not do a Power of Attorney.  You can have a notarized Power of Attorney for the Realtor if you trust them well to help you BUY! and Sign on your behalf.

5.  As with all purchases, you will require a DEPOSIT.  You should be able to Wire money to a Lawyers account or have your own account Setup from which a Draft can be made to the Brokerage/ Lawyer holding the funds.

6.  Do your due-dilligence and research.  Your Realtor is a great source to help you accomplish this and liason between banks, lawyers on your behalf.  Ask them lots of questions.  Good idea to CALL THEM! and not just Email.

If you have any further questions, please feel free to contact me or visit our website.

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

 

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  
 Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002 
 Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742

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