1. Pick a home and write a contract
- Pay nothing at this time
- Think about it for a week or 10 days, you are not committed
- Get bank approval, we can help with this
2. If you still want to go ahead
- Make the Contract “firm” and pay a $5000 non-refundable deposit
3. Two deposit choices after 60 days:
- You can increase the deposit to 5% of the net suite cost if you also get a 95% approved conditional mortgage approval letter from your bank or credit union. In the case of 5% deposits Realtors are expected to protect your position by making sure you have financing.
or - Increase the deposit to 10% of the net suite price if you don’t wish to get a bank approval letter at this time.
That’s it! Now wait for your suite to be completed.
Before you take possession you will go through the suite with a quality inspector to make sure everything is finished and to your liking.
Example No.1: Homeowner buys Suite #130 — $179,900
- Buyer writes contract, pays nothing
- 10 days later Buyer makes contract firm and pays $5000
- 60 days after that Buyer pays $4463 final deposit
No more money is needed until you take possession
Example No.2: Homeowner buys Suite #137 — $299,900
- Buyer writes contract, pays nothing
- 10 days later Buyer makes contract firm and pays $5000
- 60 days after that Buyer pays $10,775 final deposit
No more money is needed until you take possession
Example No.3: Investor buys Suite #137 — $299,900
(Investor plans to rent out the suite)
- Investor writes contract, pays nothing
- 10 days later Investor makes contract firm and pays $5000
- 60 days after that Investor pays $24,990 final deposit to bring total deposit to 10%
No more money is needed until you take possession