Deposit Cheque Details
Because we are professionals. This is our job day in and day out. Just like a doctor practices and perfects her trade, so do we.
We can advise you, put you in touch with local professionals for your inspection, mortgage etc. and we educate you about the process, current market conditions etc.
Oh, and it’s a FREE service!!
The Seller pays us, so you get to save your dollars for a practical use – like a lawnmower or new shower curtains (Oh, the joys of homeownership!)
As long or short as you want it to take! Do you have the money for a down payment now, or do you have to save for another year? Do you need a longer closing date to match when your lease is up? Are you self-employed? There are many factors that may affect your timeline and decisions. This is why our intial consultation is so important!
Yes. We only work with Qualified Buyers. We would be happy to put you in touch with a professional mortgage advsior to talk to you about your options.
The short answer is yes. With exceptions to the first time homebuyer, who may qualify for a $2000 government credit. Click here for more info on our Blog!
When a Buyer brings an offer, they may want to do further due diligence like check if they can obtain financing, do a home inspection, or ensure they can get home insurance. Conditions in a residential offer typically take no longer then 5 business days. In this hot market, Buyers are dropping their conditions, and Sellers are accepting conditionless offers. Read our Blog about these topics.
When you Buy a House, your deposit cheque is due within 24 hours of acceptance of an offer.
The deposit is essentially good faith that you will close when you said you would, and you won’t ‘walk away’ from the deal.
Typically, the deposit amount is anywhere from $5000 – 5% of the purchase price.
The amount the Seller wants will be posted on the MLS listing, although, it is negotiable.
Preferably bank draft (wire transfer also acceptable), is made out to the Listing Brokerage.
It is kept in their trust account until closing date.
On closing date, the Sellers lawyer will receive it from the listing brokerage.
On closing date, you will owe the purchase price, minus the deposit amount.
The transactions are done by your Lawyers, once they have your mortgage company instructions.
Be prepared to bring a bank draft to your lawyer at your closing signing appointment, to cover Land Transfer Tax, Down Payment (minus deposit), Lawyer fee’s, title insurance and dispursements.
Contact Stephanie if you have any questions about Buying a House in the Hamilton-Burlington Area! Stephanie@therealtydeal.com
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