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 Post subject: Practical Logistics of Moving to PEI
PostPosted: October 28th, 2014, 11:30 am 
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Joined: October 28th, 2014, 11:10 am
Posts: 2
Hi all,

I know there are tons of posts about what it's like living on PEI, but I'm having some trouble getting info on the actual legal/real estate practicalities of it. For those who have made the big move from another province, particularly Ontario, I'd love to hear your experience.

We're coming from Ontario and have a house to sell, and want to buy right away on the island. Did you have to find a lender in PEI, or were you able to get one through your existing bank/lender, or even transfer your mortgage? If I were to get a PEI lender, are there any PEI-specific issues they look at in approving loans (i.e. rural properties, don't like self-employed applicants)? In terms of lawyers, I assume you would need one in Ontario and one in PEI? Did they both charge full rates, or since they're each only doing half of a transaction, was it less? How did you find a lawyer in PEI (and if you got a good one, can I have their name?) What is the land transfer tax situation on PEI? We're looking within 45 minutes of Charlottetown, around the $200,000 mark, but still out in the country so we can have a few acres.

I have been keeping an eye on MLS, and have noticed that many properties are for sale for months and months. I'm not interested in taking advantage of anyone who needs to sell, but I do wonder does it make sellers open to longer closing periods, maybe 120 or even 150 days? I'm not sure if there's a maximum.

And as always, for anyone who has made the move, has it been the right decision for you? Why or why not? Thanks very much for your time.


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 Post subject: Re: Practical Logistics of Moving to PEI
PostPosted: October 29th, 2014, 9:41 am 
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Joined: July 30th, 2008, 10:13 am
Posts: 41
Location: Vernon Bridge, PEI
Hi there. We made the move from Ont 5 years ago, similar situation. If you have an existing mortgage in Ont with one of the big banks, I would suggest staying with that bank. You have a relationship and the branches down here will be easy to work with that and accomodate any communication with your branch in Ontario. Same deals apply here as with any property you are buying in Ont. You have to meet the requirements. As for lawyers, you will need one here, and I would suggest that. Of course they will only charge you for what they do. We had a lawyer in Ont for our sale and one in PEI for our purchase. We now live out in the boonies about 20 minutes east of c'town. The only thing I would suggest, is that you make sure you have a good building inspector before you purchase. Building codes if they even exist are not the same outside the cities and towns here. Sales here can go on for a while, again depending on what is up for sale. Our first place in Summerside took a year and a half to sell, and it was in the city. So like in Ontario, depends on what you have and where it is. Trust me, rural ontario can take as long or longer to sell a house as well. Depends. As for closing periods, that is entirerly up to you and the vendor to negotiate.
For us it has been a good move. We have no regrets and intend on staying here. For some it has perhaps not been good, it really all depends on your personal situation. However, we were familiar with PEI before moving here and spent a month down here looking at properties, talking to real estate, arranging a lawyer, visiting the bank and doing leg work before making the plunge. Went back home and made our decision.

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Mike
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 Post subject: Re: Practical Logistics of Moving to PEI
PostPosted: October 30th, 2014, 11:13 am 
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Joined: October 28th, 2014, 11:10 am
Posts: 2
Hi Mike,

Thanks very much for the info, especially about the home inspections. We're selling in London, Ontario, so I'm hoping it won't take too long. I see you're in Vernon River...the place we've got our eye on is in Orwell, so perhaps we'll be neighbours one day :)


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