Deposit

When you write an offer on a property you are typically required to provide a deposit cheque or bank draft.

☞This deposit forms part of the down payment. The deposit portion is paid when your offer is accepted and the remainder is due closer to possession when you meet with your lawyer to sign documents.

☞ The deposit can be any amount you choose, but the stronger the deposit; the stronger your offer appears. This amount depends strongly on the price of the property and whether there’s competition involved.

☞The deposit is a vital part of a transaction because it acts as collateral to ensure both parties fulfill their contractual obligations

☞If the deal falls through due to unsatisfied purchase condition, the deposit is return to the buyer without penalty

☞If the deal falls through due to breach of contract, then your deposit could be at risk

If you have any questions, we’re always here to chat!