Real Estate Practices Canada
Canadian real estate agents work in much the same way in all of the provinces and territories. However, educational and licensing requirements vary provincially and agents are licensed by their provincial regulators.
The majority of Canadian real estate agents are Realtors®- i.e. are members of the Canadian Real Estate Association (CREA). Canadian Realtors place almost all of their property listings on the Multiple Listing Service (MLS), and as a result property listings are available to view by all Realtors in the marketplace.
Both the Land Titles (
Real Estate Practices
Generally speaking, one Realtor will act on behalf of a seller and another will represent a buyer. Sellers typically pay the broker's commission and costs relating to the closing. Legal fees are shared by the buyer and seller.
The Realtor will draft the Contract of Purchase and
Mortgages are commonly used to purchase real property and second, third and fourth mortgages are permissible in
Interest paid on a mortgage in
The closing process typically occurs less than 60 days following execution of the contract on resale property. Although there is no legal requirement to do so, the closing usually occurs through both the buyer's and seller's legal counsel.
All Realtors in
Capital gains is payable on homes sold by non-residents. A capital gains tax of 25% is charged on the gain and, if not paid, the buyer's Realtor must withhold anywhere from 20 to 25% of the total sales price from the seller in order to ensure payment is made.
Read more about relocaiton: http://www.mississauga4sale.com/relocation.htm
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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RE/MAX Realty Specialists Inc.
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