Since the Real estate customs differ from state to state, I decided to write a short informative guide for US buyers that would like to purchase a property in Vancouver, Canada. If you would require more detailed information please visit Vancouver BC Real estate website.
Finding the right deal
At the start the agent explains the way their agency works to you and you are also given the 'Working with a Real Estate Agent' brochure, prepared by the BC Real Estate Association, which you have to sign.
Then your agent starts his or her search for suitable houses for you. Real estate practise in Vancouver is different probably from most other places, because both the agents (the listing and the one representing the buyer) plus of course you as the buyer have to attend the showing, so it usually takes some time to synchronize everybody's schedule. After your agent finally finds the house that suits your wishes, a document called The Contract of Purchase and Sale has to be prepared by your agent, which is basically an offer to the seller. You will not be able to offer the right price to the seller without some background information, so your agent will get them and together you come up with a price offer. Especially in Vancouver you should expect multiply offers from different buyers on the same property, so don't get scared if there is even fifteen other buyers bidding on the property of your choice.
Closing the contract
Once the seller accepts the contract, the deposit has to be wired to him. It's usually 10% of the final sale price. Take into the consideration that the bank wire could take up to 2 weeks before it is delivered to the Canadian bank. Providing your deposit in timely fashion is not only proper - it is a condition according to the contract. A reliable third party banking services, such as House Global Foreign Exchange will be able to help you. The contract could be subjected to many issues as financing in place or home inspection report and so on. Once everything has been dealt with, you can remove the subjects. About the closing date - as a rule it is set two days earlier than the possession date, to which also all amendments has to be finished.
Legal settlements
The deal then moves onto the lawyers or notaries for preparation of legal documents to transfer the title to you, the buyer. Taxes, federal and provincial, has to be coped with around this time. You either have to be personally presented to sign the documents in Vancouver, or you can decide to a law office near them where all the documents can be signed under seal. The funds then will have to be transferred to the Vancouver lawyer's trust account.
