Questions Concerning Deposit Cheque when you Buy a House

Some Questions Answered regarding a Deposit Cheque when you Buy a House…

 
~ Bank draft preferable over personal cheque, because if anything falls through you typically get it back faster.
 
~ If you negotiate and finally come to terms at 7pm, your deposit cheque will be due before 7pm the next day
 
~ Sometimes Listing Agents are flexible if you can’t get it to them ASAP, because of mailing it, or a holiday.
 
~ Could range from $3000 to 5% of purchase price
 
~ The Listing Agent holds your money in their brokerage trust account until closing day
 
~ You owe the Balance of the Purchase Price, minus the Deposit cheque on Closing Day
 
~ You can drop off your Deposit Cheque at the Listing Brokerage, or your Realtor can

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