Overseas sales a tricky business

HouseLeague by Ryan DeLuca

Published: March 19, 2009 12:06 a.m.

Last modified: March 19, 2009 12:09 a.m.

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Vancouver is considered one of the most beautiful and most liveable cities in the world. It is no wonder that many of the buyers we encounter daily in the real estate market are from overseas.

So how do you ensure a smooth deal when the person who is buying your home is not around?

When dealing with out of town buyers it is important to use all the recourses at your disposal such as local realtors, lawyers and notary publics. It is guaranteed that the buyer will have a team of professionals at their disposal representing them, so you must ensure that you do as well.

If you live in a strata property, ensure that you have all your paperwork ready. Sending documents from one country to another can take time and the subject removal period can be as short as seven days. Waiting on your property manager to obtain all the documents can put your deal in jeopardy. Instead, make sure you or your realtor order all the necessary documents the minute you list the property. That way they are ready to ship when you need them.

Confirming the identity of any buyer is a tricky task but when the buyer lives in a foreign country and you do not even get to meet them it can be a bit daunting. Luckily, the federal government has come out with a new Fintrac form that makes it easy for your realtor to collect identity information helping to ensure the buyer is who he or she claims to be. Your realtor will obtain these forms for the buyer to fill out.

Finally, ensure that your contract is filled out clearly and completely. It is not as easy to get missing signatures and initials when the buyer is in a different time zone. Missing pages and signatures can cost a deal when it requires days to transfer paperwork back and forth. Comb your contract carefully and ensure that you have completed all the necessary steps.

Ryan DeLuca is a realtor with Sotheby’s International Realty Canada, and host of The Real Estate Minute on Novus TV; rdeluca@sothebysrealty.ca.

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