cryout

Hi all,

I'm considering to buy a condo apartment in Toronto using my savings and without asking for mortgage. In my country sometimes is possible to get a discount on the cost of the real estate if you pay the amount within a certain (1-6 months) time. Is the same in Canada?

Thanks.

Cry

Biiiiink

No. I bought a condo in Calgary with cash, thought this would make me a more attractive buyer (as it would in the UK, no chain, etc etc) but nope, my realtor told me the sellers don't care how you fund your purchase - they get their money either way. I was successful in getting a lower purchase price but for other reasons than being a cash buyer.

Happy house hunting!

Biiiiink

stepnek

Although you're probably right I can't help thinking that as the realtor gets paid a percentage commission that he would say that, wouldn't he?!!

cryout

Thanks Biiiiiink!

nice to see you on the Canada forum after I met you on the Immigration one...

May I ask you how are the payment conditions...I mean, if you pay cash, should you transfer the entire sum at once? Is it possible to pay by foreign account transfer or they accept money only form Canadian bank accounts?

Thanks again for sharing your experience!

Cry

Biiiiink

I had my money in Canada already. When your offer is accepted you pay a deposit instantly (usually accompanies the offer to show you're a serious buyer), I think mine was CAD 10,000 or such. I wasn't in the country for the condo purchase so I faxed my bank to authorise a certified cheque and had it couriered to my realtor who was making the offer. The balance was payable to the trust account of my lawyer about 3 or 4wks later, and I also paid this by certified cheque. I'm not sure about paying from foreign accounts, but you need to pay CAD wherever it comes from. Can your bank arrange CAD cheques? It might be easier for you to move it to a Canadian account first?

Good luck with the purchase. Don't know what it's like where you're from but we've certainly found the Canadian housebuying experience to be easy as pie!

Biiiiink

daisymoll

I guess as they don't fall through, being a cash buyer makes you no more attractive....

Is there any way that a house sale can fall through over here. just interested to know?

Sonia

dbd33

Yes. An offer is usually made subject to specific conditions. These might be that the house passes an inspection and that financing is approved. In the former case the prospective purchaser can withdraw the offer if the house inspector finds a major problem. The second applies where the buyer has approval to borrow some amount of money as a mortgage but the bank hasn't approved use of the mortgage money for that particular house.