Canadian immigration and property: When new immigrants arrive in Canada to settle down, they need to consider purchasing a home. When buying a property, it is necessary to understand many professional terms. Below are some essential real estate terms listed by the Ottawa Sun, which we hope will be helpful to our immigrant friends.
Appraisal: The process of evaluating the market value of a property.
Closing costs: These are additional expenses beyond the purchase price of the home, such as legal fees and transfer fees. These costs must be paid on the closing day and are approximately 1.5% to 4% of the sale price.
Closing day: The date on which the new owner officially takes possession of the property.
Conditional offer: An offer that includes conditions. For example, an offer that only becomes effective once the buyer has secured a mortgage agreement. Such conditional offers usually have a time limit.
Counteroffer: If the seller does not accept the buyer's offer, they may make a counteroffer. This means the seller modifies the buyer's offer or the closing date; the buyer can then accept or reject the seller's counteroffer within a specified time.
Deposit: The earnest money paid when the buyer signs the purchase agreement. The deposit is held by the real estate agent or notary until it is delivered to the seller on the closing day.
Down payment: The portion of the home price that the buyer pays from their own savings rather than through a mortgage loan.
Equity: The difference between the selling price of the home and the total debt. Equity increases with mortgage payments, and changes in the market value of the home also affect it.
Lien: A claim against a property for unpaid debts, such as outstanding labor or material costs.
Multiple Listing Service (MLS): A computer network-based service for home sales that contains sales information for most resale properties.
Offer to Purchase: A written contract to buy a home. If the seller accepts, it becomes a legally binding contract.
Survey or Certificate of location: An official certificate of the property's land boundaries and measurements, specifying the location of buildings, fences, etc.
Title: The permanent ownership of a property, allowing the holder to own the property indefinitely.
Vendor: The seller of the property.
Worldway immigration experts state: This year, the Canadian real estate market is performing well, and the Canadian dollar has fallen to an 11-year record low. With strong purchasing power from foreign capital, now is a golden opportunity for investment immigration to Canada. You can now choose the Manitoba Provincial Nominee Program (MPNP), which has low entry asset requirements, a small investment amount, and fast processing speed. It is a golden channel for immigrating to Canada; please seize the opportunity. For more details, please consult: 400-138-2929
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