When do I give my downpayment?
Joel Olson • July 31, 2017
It’s important to know that at no point will use or the lender ever have your downpayment funds.
We are required to verify where the funds will come from and that you have access to them.
However, your lawyer or notary will collect the funds. The amount that you paid as a deposit to your realtor (or in
the case of a private sale- the lawyer) will be deducted from what is needed for your downpayment. Your deposit is
never in addition to your downpayment.
Prior to coming in to sign, they will ask you to bring in the exact amount owing, which will be the remainder of your
downpayment, closing costs, and legals fees.
You will be required to bring in an exact amount- to the penny. The amount will need to be brought in as a bank
draft. It is important that you communicate with your lawyer to make sure that you know how much money to bring
in and when to bring the funds.
Get expert insights on mortgage financing in Canada. Contact Joel Olson for help with complex files & rural financing.
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