What it costs you to Buy a Home in Ontario

What it costs you to Buy a Home in Ontario

I hope your day and week are going great! OK lets dive in…. we are still talking what it is going to cost you to buy a home here in Ontario...

So in the last video we discussed my fee’s… which are $0… 100% FREE for you to use my services…. but again there are other fee’s in the transaction that you will incur so they are important to discuss…

So the 1st fee you are going to experience is right after your offer gets accepted on the home you are purchasing… Within 24 hours of getting a fully signed contract on the home you are purchasing you will have to put down a  "Deposit”.

What is Deposit for?  Well it is a “Good Faith” deposit showing the Seller that you are serious and plan to move forward.

This fee is held in a Brokerage Trust account which is a “Safe” account. The cool part is, you get the money back as long as you close or it becomes part of your down stroke… That money will get applied toward your down payment, your closing costs or even, depending on the loan program you do…. can be put back into your pocket at closing…

NOW…. THIS IS IMPORTANT…. there are areas you are protected in the contract even if you do not purchase the property, where you will get that money back… for example during your “Inspection Period” or during the “Appraisal” process… all to be discussed in full length and detail in email coming soon…

OK so this deposit is typically about 1% of the purchase price…. so if you are buying, lets just say to make math easy…. if you are buying a $200,000 home, your earnest deposit will be $2,000… now there is no set amount, I will do everything I can to get this amount lower for you… but want you to be prepared for industry standard…

Again this is due 24 hours after your offer is accepted… so you will need to be prepared for that…

Alright… I hope you have found this helpful, I will see you in a few days with another update on the process….

In the meantime if you have any questions, need anything, would like to go see any houses… etc… feel free to call/text or email me anytime!

Have an amazing day!