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Buying a house with no status

steaky

steaky

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Kaibigan said:
Anyone can buy a house, but there are foreign buyer's tax considerations to keep in mind, at least in some places.

As far as being a co-signor, are you talking about co-signing for a loan to finance the property? I am aware of no prohibition against someone with "no status" - essentially a foreigner - acting as a co-signor. But I would not think many Canadian lenders would derive much comfort from obtaining the signature of someone who probably has no income or assets in Canada and who may be judgment-proof is called upon to pay. The covenant of such a person is probably not worth much.
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Anyone but minors.
 
YVR123

YVR123

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marleesingh said:
If someone has no status or implied status in Canada, can they buy a house, or be a co-signor?
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As replied, sure if the someone can buy with cash.
It would be hard to get a loan/mortgage with no status in Canada.
And there may be foreign buyer tax and other taxes on top.
Do you mean co-signer for the fianacing? Or you mean putting the title under more than 1 name.
 
steaky

steaky

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Kaibigan said:
I don't need to find out. I have long known the answer for where I live and where I have done some real estate work as a lawyer. In British Columbia, I have conveyed land to minors myself. But, I wanted to ask you if you could cite authority for the proposition captured by your words "Anyone but minors". That language suggests that minors cannot own land. But perhaps I am reading too much into the scope of those sparse 3 words, without more.

It also may be the law, in some Canadian jurisdictions, that minors cannot own land. Here in BC, the Infants Act contemplates ownership of land by minors and the Land Title Act contains no prohibition. But you might know a lot more about the law of other provinces. That is why I am asking you to please elaborate. I would be interested to know of provinces where the law is otherwise.

In an article written by a BC lawyer awhile back, he said that here, a minor can own land, but he concluded by saying:

I have difficulty conceiving of circumstances where it makes sense to transfer real estate or an interest in real estate to a minor.

The full article is here:

https://rulelaw.blogspot.com/2012/07/can-six-year-old-own-real-estate-in.html

I am afraid that fellow lacks imagination or wide practical experience. There are times when it makes perfect sense.
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Why the better course is to transfer the real estate to a trustee? Btw, couldn't you paste your own aricle, rather than some lack imagination / wide practical experiences lawyer's.
 
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steaky

steaky

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Kaibigan said:
The author I cited suggests using a trustee. Nothing wrong with that, and probably a good idea, in many cases. He suggests, in part using: "a well-thought out and well-drafted trust agreement". He does not volunteer just who will pay for all that thinking and crafting of a nice agreement. And will it be worth it, plus the attendant costs beyond simply drawing the agreement? Not always. What if the minor is but a month shy of age of majority, but there are compelling and cogent reasons for the conveyance not to be delayed for a month?
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Was it a better idea?
 
steaky

steaky

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Kaibigan said:
Sorry, not sure what you are asking.
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Which of the following is a better idea:

1) To transfer the real estate to a trustee? or
2) To transfer real estate or an interest in real estate to a minor?
 
steaky

steaky

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Kaibigan said:
I say the answer depends upon the circumstances. The learned author cited suggests that option (1) is always the best choice. But at this point steaky, I am not sure where we are going with this academic exercise, which has rather usurped the OP's simple question. We are not even examining reasonable hypotheticals, but are engaged in asking and answering in a vacuum.

But again, I remain a bit curious as to what prompted your initial comment of "Anyone but minors."
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That said, Anyone but minors are not a good choice in certain circumstances. Since OP gave a simple question, can you elaborate what circumstances first better than second?
 
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KateNickolson

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Jun 18, 2022
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Investing in housing in Canada for immigrants does not make for easy PR. Buying an apartment or house does not entitle you to a residence permit. Canadian landlords prefer to rent for a year or at least six months. You can rent accommodation in Canada in several ways: search for ads yourself (with the help of newspapers, websites, social networks) or contact a real estate agency. At one time I had apartments in spain for sale which I was able to buy thanks to the managers of the agency. Remember, the agent will take a commission in the transaction, but the process will go quickly and legally. And I think this is the most correct decision.
 
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