• Adjustments/Prorated Costs for Annual Expenses — includes property taxes, condominium fees, and utilities • Other Fees Sometimes Paid by Seller — appraisals, inspections, closing costs, etc.* **According to Mortgages.ca, lenders request appraisals and the borrower (seller) pays the appraisal cost. However, many home buyers, especially first-timers, order one on their own to protect themselves. Further, closing costs can’t usually be paid by the seller on the buyer’s behalf in Canada. Don’t believe that earnest money given at the time an offer is accepted is yours until the deal has closed and been recorded. Too many stories tell about sellers who used up the deposit money before closing the deal. When the transactions did not occur for reasons — such as repairs or financing — the buyers have had to fight or go to court to get a refund. According to the Canadian Imperial Bank of Commerce, In Canada, buyers must provide a deposit to the seller within 24 hours of on an offer of purchase being made. Effective February 15, 2016, the minimum down payment for new mortgages have been modified. The new breakdown is as follows: Spending Earnest Money Given to You
76
Powered by FlippingBook