Can Wholesalers Double Close In Canada?
Hi BP Members and Fellow Wholesalers,
I'm a wholesaler in Toronto, Canada looking to make an offer on a home very shortly. If the offer is accepted and a PSA is signed, I will eventually have to double close as the property is mortgaged by a bank and from what I understand banks won't allow you to assign their properties to an end user (is this true for Canada as well?).
Thus, once a deal is made, I will have to do a "double close", but am not sure how this would be done in Canada since we do not have title companies. There is very little reading on the subject (for Canadians), which deepens my curiosity. I did watch a video where an American investor praise Canada for the "skip transfer", which allows you to do a double close without transactional funding or paying land transfer taxes. I've tried to research more about a skip transfer, but cannot find anything further about this type of transaction.
Are there any investors or wholesalers (Canadian or otherwise) with knowledge on the proper way for a fellow Mountie to double close in a real estate deal? I intend to consult a lawyer on this subject, but if any BP members have some tips or experiences to share, it would be greatly appreciated.
All the best,
Parker M.