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: • For homes with a purchase price less than or equal to $500,000 the minimum down payment is 5% • For homes with a purchase price greater than $500,000 and less than $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance • For homes with a purchase price of $1 million or more, the minimum down payment is 20% Forgetting to Cancel/Switch Utilities and Insurance Many sellers overlook notifying utilities that they are moving or applying for utility service
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