Some PEI Real Estate Questions about real estate properties in Prince Edward Island, Canada:

1. Are land taxes the same in PEI for a non-resident compared with a resident?

Answer: No, a non-resident pays more property taxes per year than a resident of PEI

2. If a buyer purchaser a property in PEI, does he or she have to build on it within a certain period of time?

Answer: No, unless there is a rare restrictive convenant on a property, a buyer of a PEI property builds on it when he or she wants to build on it.

3. Do I need a PEI lawyer to buy a PEI property?

Answer: Yes, you need a PEI lawyer to do a search to make sure that the property is legally secure for you to buy.

4. Are all properties in PEI surveyed and pinned?

Answer: No, it is advisable when buying a PEI property to have it surveyed and pinned so that you know the exact boundaries of the property. This would involve hiring a good surveying company on Prince Edward Island.

5. Can anyone in the world buy a PEI property?

Answer: Yes of course, anyone can acquire a PEI property.

6. What are restrictive covenants?

Answer: The owner of a subdivision can legally set up a set of covenants or rules for his or her property. For example: An owner may state that no trailers are allowed on the properties. These covenants are set up to protect the purchasers of the lots in a subdivision. Many properties on PEI however have no such restrictive covenants.

That's it for now,

George Jordan, Red Soil Real Estate Inc., 902-962-2050, http://www.buysellpei.com