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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 $5000 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.
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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.
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Example No.1: Homeowner buys a 1 bedroom suite for $199,900
- Buyer writes contract, pays nothing
- 10 days later Buyer makes contract firm and pays $5000
- 60 days after that Buyer pays remainder of down payment, $8000
No more money is needed until you take possession in late 2016
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Example No.2: Homeowner buys a 2 bedroom suite for $349,900
- Buyer writes contract, pays nothing
- 10 days later Buyer makes contract firm and pays $5000
- 60 days after that Buyer pays remainder of down payment, $13,000
No more money is needed until you take possession in late 2016
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