When Is The Money Due

Today we're going to talk about what you need to know in terms of your money needed when buying a new property. So you're buying a new home.

When do you need to have the money available to you to make everything come together?

The first step of buying a new property is just writing an offer. During that time, you're going to have generally a two week window. It's called a subject removal period. This is when you get your financing approved and you do your own due diligence. No money is needed generally during that time, but once you've done your due diligence and you've agreed to purchase the property that is when a deposit is required. This is a small portion of your total down payment that you're going to pay upfront. It does vary depending on the property, but it's usually a percentage of the property, sometimes between $20,000 to $50,000 depending on the purchase price that is required two weeks after you write an offer. So make sure you have access to those funds.

The remainder of the funds required to buy the property, which is the rest of the down payment, a property transfer tax if required, and legal fees are due a couple of days before the completion date. That's the day you take possession. Completion of the property. It's generally 1 to 2 months after you've written an offer, and you do want to make sure that all the fans are available to you by that date.

If you have any further questions, give our team a call.

We're always here to help. Have a beautiful day.