Aaron WhybrowGeneral Manager, Strategic Mortgage Broker

How to deal with your Deposit - 1. Cash

Name: How to deal with your Deposit - 1. Cash
Uploaded: 2019-04-18T01:54:36Z
Channel: Aaron Whybrow
Description: A short YouTube tutorial by Aaron from Diagnostics and Finance explaining cash deposits when signing a property purchase contract. He states that…

18 Apr 2019

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A short YouTube tutorial by Aaron from Diagnostics and Finance explaining cash deposits when signing a property purchase contract. He states that standard deposits are around 10% of the purchase price, gives numeric examples (e.g., $200,000 → $20,000; $600,000 → $60,000), and notes cash is the easiest/cheapest option; other deposit methods are covered in companion videos.

So you bought a property and it's come to time for you to sign the contract and pay a deposit. Hey, it's Aaron from Diagnostics and Finance. I just want to go through deposits. I've got three videos. One's going to be on cash, one's going to be on negotiation of the deposit and the third one is going to be on what we call a deposit bond or what you could say is an iou. So this first video cash deposits when you've come time to do a cash deposit standard deposits are around 10% of the purchase price of the property. So if you bought it for $200,000 that's $20,000 deposit. If you bought it for 600,000, it's $60,000 deposit. It is by far the easiest and cheapest way to use cash. If you have the cash that's very good and you're able to exchange bank check whatever you need to do from there. If you don't have deposit of 10% stay tuned to the next video.