Before you start your search for a home, you need to know how much you can afford.  You would typically meet with a mortgage adviser and be asked to fill out an application.  Based on your income, credit report, debt and savings, you would be pre-approved for a certain amount.  You will need a minimum of a 5% down payment of the purchase price of the home.  If the home is >$500,000, you will need a 10% down payment for that portion over $500,000 and less than... [read more]

When making an Offer to purchase a property, the Deposit shows good faith on the Buyer’s part that they are serious and qualified to make the purchase. The Deposit amount is held in trust and applied to the purchase price of the home when the sale closes. According to the Agreement of Purchase and Sale, the Deposit can be made 1) Herewith 2) Upon Acceptance 3) As Otherwise Described in this Agreement Herewith means at the time the offer is made.  In a competitive multiple... [read more]

When making an offer to purchase a property, the deposit is the money that is put down to secure it.  The deposit is a gesture of good faith and demonstrates the buyer's commitment to the seller.  The deposit is usually placed in the trust account of the brokerage representing the seller.  It is considered part of the purchase price and is adjusted as a credit to the buyer on closing. There is no set amount for deposits.  Some sellers may request a... [read more]