Tuesday, May 17, 2011

Deposits on a home purchase

When you purchase a property you will need to have a certain amount set aside for subject removal that will go towards your down payment on completion.

This money, whether it be $10k or up to $100k+, depending on the value of the home being purchased, has to be provided at the time of subject removal. This can be within a week or two of writing an offer and the offer being accepted.

What you need to know is that you have to come up with this money. Lenders do not generally lend you this money.

You should have the discussion about the deposit with your Realtor as early as writing the offer so you can determine what an amount is appropriate and attainable.

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