Buyers will discover that
it is very easy to purchase real estate on Manitoulin Island.
All negotiations are done in
Canadian dollars so non-residents of Canada may find The XE.com Universal Currency
Converter useful. For your convenience, each detailed listing
on this site also has a quick UCC conversion link.
The purchasing procedure is
1. Locate a desirable property.
2. Make an offer on paper with
the assistance of the real estate agent. This can be done in person, by facsimile, or by e-mail.
3. Retain a lawyer to
complete the transaction once an agreement has been reached.
4. Transfer funds to your lawyer.
This can be done without having to return to Manitoulin Island.
The final cost will be greater than the purchase price due to
lawyer's fee, title searching fees, registration fee, transfer
tax and other outlays. The transfer tax is 0.5% on the first $55000;
1.0% on portion between $55000 and $250000; 1.5% on balance over