The sale of Canadian Real estate by a NON resident of Canada.
In order to complete the sale of real estate in Canada, a non resident of Canada, you must obtain from the government of Canada, a Section 116 Release before you can close the house or condo sale transaction.
The Buyers Lawyer will demand this certificate.
If you do not have this certificate at closing, you will have to hold back in cash, 25% of the selling price, until the Certificate is obtained.
http://www.cra-arc.gc.ca/E/pub/tg/t4061/README.html
If you have Questions
please Call me
Stanley Gelman
Real Estate Lawyer Mississauga
905 270 5110
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