How Canadians Relocating Abroad Can Buy Property Internationally

When buying property internationally, you must be aware that the process can be very different than what you might be used to in Canada. When working with a realtor in another country you must remember that cultural differences come into play. You must be aware that their daily procedures may not be the same as yours; for example, punctuality is very important in our society but may not be elsewhere. Behavioural patterns are important to understand so that neither party gets offended while doing business.

Relocating? What to Consider When Buying Property Internationally

Another difference to be aware about is that real estate procedures and regulations will not be the same. This may seem obvious, but could easily come as shock when the process you have come to know in Canada is not the same out of country. It is a good idea to seek the help of an international moving company that might know a thing or two about the local real estate market.

Property Laws

Not only could real estate procedures be different, but property laws could be very different as well. For example, private property ownership only came to be in China a few years ago; previously, all property was either state owned or collectively owned. Therefore, ownership rights are very strict and they have to comply with laws and social morals. A good understanding of not only laws but morals as well is important when doing business is another country.

Mortgage Requirements

Another important thing to consider before relocating abroad is how difficult it may be to get a mortgage. For example, the documents required to show the banks when applying for a mortgage in France are different than they are here. In France, at least two years of tax returns are required plus details about job history, assets, liabilities, etc. Similarly, it is important to know the terms of a mortgage. In France, a standard loan is between a 15 to 20 year term. On the contrary, getting a mortgage in India is extremely difficult as the rules are very tough and the rates are very high.

If you are relocating to another country, with the intention of purchasing property just be sure to do your research. It would also be advisable to seek the help of relocation specialists who will be able to breakdown the relocation expenses and give you a rough estimate of the amount of money required to relocate and settle abroad.

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