completely new, completely confused.

Wholesaling
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completely new, completely confused.

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Member since 2010 · 1 post · 0 votes

Hello everyone :D

My name is Peter, I live in a small town in B.C. and i am currently attending university (read: BROKE). After recently learning about real estate wholesale I have been searching for as much information on it as I can find, which has lead me here. It seems like an almost perfect way for a student like me to make money, support myself and stay out of debt while going to school and I am very anxious to get started. :mrgreen:

There are plenty of rescources online that go over the wholesale process in the united states, but I have not been able to find any at all related to doing it in Canada with the exception of a few posts on this forum. I really want to get started and start calling people, but it seems kind of pointless to start without at least having a basic idea of what the process will entail and exactly what is required.

What is confusing me most is the fact that there is no such thing as a title company in Canada, and I have no idea what to do with the purchase and sale contract and assignment agreement once I have them signed. Do I take them to a real estate lawyer?

Also, where do I get a purchase and sale contract and assignment agreement to use? Do I have to go pay a lawyer to write them up for me before I get into this or can I get away with using one on the internet?

I am pretty young and completely new to all this and I apologize if my questions are a little naive and silly :oops: but I have spent several hours dredging Google trying to figure this out and have had absolutely no luck, any helpful advice you can give me would be greatly appreciated.

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  • Brandon Gadish
    Real Estate Investor · Pasco, WA · Member since 2010 · 48 posts · 3 votes
    16y

    I have no clue about the process for closing a real estate transaction in Canada, but my suggestion to you would be to talk to a realtor that has experience in dealing with real estate investors, and/or spend the $200 for an hour with a real estate attorney. It will probably give you some insight into how the process works in Canada.

    The bottom line is that you will need to know about all the encumbrances on the property, money will change hands in an escrow account, and there will be an instrument for transfering ownership of the property. Your job will be to find out how that is all done in standard transactions, then branch out from there.

    Hope this helps

    Brandon Gadish
    Landlord Technology LLC

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  • Jaremy Moritz
    Real Estate Investor · Houston, TX · Member since 2010 · 122 posts · 126 votes
    16y

    Peter,

    Welcome to BP! You've got questions, the forum has answers.

    I did a quick Google search on "selling property Canada" and found a relevant site 2nd from the top. I don't know if we can post URL's (I'm new here, too), so just do the search and you'll see the site. It gives an overview of the process.

    Since you're not in a cash-rich position, you should learn as much as you can from the forum for free as opposed to paying for this knowledge. Once you've done a few deals, then you might want to consider paying someone to teach you more in-depth investing. I would recommend using an "option agreement" (again, do a Google search and get one for free) for your wholesale deals. Once you have a buyer in place, you can always have the buyer send you a blank contract for you to use. Then assign the contract (get it free - Google it) to the buyer.

    Finding motivated sellers is where you should be focusing your efforts at this stage in the game, not on the specifics on how to write up the deal. Once you find a deal, market it to buyers in your area and get them to help you out. Any investor that sees that you are new and have a "real" deal, they should be willing to help with the paperwork to ensure that you bring future deals to them and not their competitors.

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