How do I pay my deposit when I purchase my new property?

 

(Transcript)

When you purchase a property, you are required to pay a deposit. Now the contract will ask for 10%. You may negotiate a 5% deposit if the vendor’s agreeable to that. That can be paid by check or deposit bought. If you don’t have the cash available and you’ve sold your home, you may actually have a clause in your contract allowing release of deposit, which will allow you to actually access the funds that are being held against the sale of your property to purchase another. So, check your contract first.

In the event that that doesn’t exist and you don’t have the funds for deposit available, contact your financial institution or your mortgage broker and speak to them about a deposit bond, which is basically a guarantee secured against your assets. It’s a piece of paper that guarantees the deposit for a period of time.

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