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
- Talk to a lender and make sure you qualify for a mortgage, this step is particularly important for first time buyers and we can help you with this step.
2. If you still want to go ahead
- Make the Contract “firm” and pay a $5,000 non-refundable deposit
3. 2nd deposit after 60 days:
- Increase your deposit to 5% of the net suite cost 60 days after making the first deposit.
- For many buyers this 5% will be their entire down payment. Some buyers will want to add more to their down payment when they occupy their suite so they have lower payments.
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 #A115 for $437,900
- Buyer writes contract, pays nothing
- 10 days later Buyer makes contract firm and pays $5,000
- 60 days after that Buyer pays remainder of down payment, $17,952
No more money is needed until you take possession in 2018
Example No.2: Homeowner buys Suite #A210 for $585,900
- Buyer writes contract, pays nothing
- 10 days later Buyer makes contract firm and pays $5,000
- 60 days after that Buyer pays remainder of down payment, $25,760
No more money is needed until you take possession in 2018