Vernon Real Estate Buyers Guide

Purchase Deposits:

When you make an offer it is common that you pay something of a deposit at the time your offer is accepted. In our trade area $500 to $1000 is frequently seen. However, when you have removed your subject conditions (i.e. home inspection, title search, financing), money is normally paid into Trust. In the lower and average priced ranges, the initial deposit of $500 or $1000 is usually increased to $5000. Higher amounts are typical if it is a more expensive house, say over $250,000. In some areas of the province 10% of the purchase price is the norm. Higher deposits are often required on new housing especially if they are still under construction. Deposits are not an added expense, they form part of your down payment. Deposits are not normally paid out to the Seller. They are held In Trust as a stakehold under the Real Estate Act and disbursed only after the property is registered in the Buyer's name.

Home Inspection Costs:

Buyers pay for various items prior to making their contract firm. For instance they pay $250 to $350 plus tax for a Home Inspection (money well spent). They may also pay for an appraisal $250 to $350 plus taxes if their mortgage company has that requirement.

Septic And Swimming Pool Costs:

Septic and swimming pool inspections often apply and they usually range in cost from $150 to $300.

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