I come across many people who are confused or intimidated by the various products or services or even terms commonly used in a real estate transaction, so I thought it would be helpful to add this section to my newsletter. I hope you find it useful, and if you have any particular terms you would like for me to deep dive into, reach out and let me know, it would be my pleasure.
Deposit: So you have finally managed to secure a property, now what? Well your Final Agreement of Purchase and Sale (signed by all parties) stipulates that within 24hrs of a signed agreement (not including weekends or holidays) you will need to provide the Listing Brokerage with a minimum of 5% in the form of certified funds. Without this deposit, your purchase will become null and void.
Note that your deposit money is not above and beyond the down payment that you will eventually provide as a part of your mortgage agreement with your Financial Institution. Instead it will be considered part and parcel of it. It is also important to note that the strength of your deposit amount is a good indicator to the Sellers of how fiscally secure you are and that you have access to funds which is always a good thing.
As always, changing topics from Real Estate for a minute, I’m sharing my top 10 interesting articles I’ve come across this month. Let me know which one you like the best and feel free to share with me your favourites reads this month.
- Chill imbibes: the relaxing beverage boom. (The Verge)
- The emoji that nearly weren’t. (What Would Jennifer Do?)
- “The Bitcoin dream is dead.” I’m sure many of you will disagree with this take. (Marker)
- Bay Area execs kiss Karl the Fog goodbye. (NYT)
- Welcome to Zollywood: Get to know Emmy-winning fashion icon, Zendaya. (GQ)
- Why are flies so hard to swat? They can outmaneuver fighter jet pilots, for one thing. (Live Science)
- More science: How Jupiter killed Venus’s Earth-like vibe. (CNN)
- A breakdown of cities’ police budgets. (Bloomberg)
- The problem of now, or an anti-YOLO argument in 3,000 words. (Aeon)
- Are experts real? (Fantastic Anachronism)