Do I have to come up with the deposit all at the same time?
Question: Do I have to come up with the deposit all at the same time?
No.
Every condominium project will have a unique “deposit structure” but typically the 20% deposit is payable over 1 year in 4x 5% payments.
The table below highlights a typical deposit structure and is broken down in terms of percent of purchase price, and an example with an assumed $300,000 purchase price.
|
% Payable |
$ Payable |
|
| At Signing | $5,000 | $5,000 |
| 30 Days | Balance to 5% | $10,000 |
| 120 Days | 5% | $15,000 |
| 180 Days | 5% | $15,000 |
| 365 Days | 5% | $15,000 |
| TOTAL | 20% | $60,000 |
