When you make the final decision on a property to agree to abide by all the terms and conditions laid down you make a deposit. While you pay the deposit not always are you aware about the upcoming stress till you get the keys to the home which will be yours forever. Some commonly asked question that every owner should know are listed below read on to know more.
Payment: Depending on the region you are buying the property in Ontario the percentage you pay varies. However often all the details should be clearly indicated on the contract by the seller. The buyer can either pay immediately or pay within twenty four hours. Generally the buyer chooses to pay within twenty four hours as they get some time frame, but often if you are reluctant to buy the property buyers pay the deposit instantly to avoid disappointment.
Refusal: There are legal penalties and a seller can also sue you if you refuse to pay and the new buyer is paying less than the what you agreed to pay while establishing the deal. So the best option is only get into paying the deposit for a property if you are a 100% sure as there is no going back.
Delayed Payment: Often it is the decision of the seller whether to stay by the deal or to cancel if you fail to pay the deposit within an agreed upon span. However incase there is going to be a delay in making the funds available due to some unavoidable circumstances the situation should be agreed upon by the seller during the commencement of the agreement. So always to avoid a deal from cancellation understanding this clause is crucial which often new buyers are unaware. It is also very important to understand the seller has premium right and he is always protected under the law and considered superior.
Protection: Buyer is also protected by law like the seller so the deposit is paid to the realtor who represents the seller. The deposit is paid to the realtor chosen by the seller to ensure the funds are safe, can be made available to the buyer protected by insurance.
Disagreement: Every offer although confirmed by the payment of the deposit can be refused if the either the buyer or seller disagrees after an home inspection is conducted. But in such a situation the ownership of the funds is decided only after a judge makes a decision. So if you a first time buyer always make two deposits to avoid getting into the legal menace if anything goes wrong. While making deposits choose to pay in two installments one before the home inspection and one after.
Another important must follow rule for first time buyers is clarify all the legal inclusions with regards to the contract. Do let us know your feedback? Feel free to share your comments or suggestions. While you’re here, don’t forget to view homes for sale and new listings on Century21President