Deposit when buying a house

deposit when buying a house

We are interested to buy a brand new house in the next 30 days. They require $5,000 deposit first, then another $5,000 two months later and $3,000 60 days before closing. Since we are living in a very unstable economic environment, I am wondering if my husband lose his job 60 days before closing and can't come up with the $3,000 as they want. What options do we have? How can we get our deposit back? Can we sell it or do we have to go to court in order to get our $10,000 deposit? Would you sugguest us any legal action just to protect us? Thank you. Helen.

Hi Helen,

If you are concerned, I would suggest you speak with your agent or a lawyer and go over the fine print of the Purchase Agreement.

If your financial situation is unstable, it would be a good idea to save up an emergency fund of about 6 months of living expenses before buying a house.

I hope all goes well!

Hi Julie, My husband and I would like to sell our home to downsize now that all the kids are gone. We have over 120,000.00 in equity we will be using for our downpayment. Do we have to give $$ on an offer to our next home? We do not have alot of additional funds at this time.

To make an offer on a house you will need to have a deposit of approximately 5% of the purchase price. Sometimes you can get away with a bit less but in Toronto's rather hot market, a larger deposit amount can make a difference.

Hi Julie we are in the process of buying a home we have

been preaprroved and are now awaiting inspection on the home we have put a deposit on. the problem is my husband just got laid off what can we expect to happen now

I'm so sorry to hear that your husband just got laid off. Since you are presumably under contract with an agent for the purchase of the home, please ask them for advice or consult a lawyer.

Hi Julie. I live in Kitchener Ontario and just bought a condo townhouse 6 month ago. The mortgage is under his name and my name. We are approved on a 5 year term. We will be separating (we are common laws if it matters) I am planning to sell the townhouse and have my mortgage term transfered to the new house. Is there a fee when you xsfr the mortgage? Apptmly how much? And how should I start this process to sell and buy another house? Do I waiT for the house that I want to buy then contact my agent, then agent will sell house? I don't know how to reaLly start.

Hi there,

I'm sorry to hear about your complicated situation.

Hi Julie I live in toronto ontario canada. my question is. if once my mortgage is approved by financial instituation and i wave the mortgage clause on sale agreement is it possible financial instituation can backed out at the time of closing and i loose my deposit..is this ever happens.

we want to buy a new home but we are scared in case the prospective buyer of our current home mayy back out. are there ways to protect ourselves in case this happens. our home is a highe end home. thanks alot. Sara and Joe.

Source: juliekinnear.com

Category: Bank

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