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Deposit Bonds


A residential property purchase generally involves a payment of deposit (usually 10% of the contract price) to the vendor. If you don't have cash lying around, you may be able to use a deposit bond.

A deposit bond is issued by an insurance company and forms a guarantee to the vendor that the deposit will be paid at settlement. The cost of a deposit bond is approximately one percent of the value of the deposit. For example, you might be planning on buying a house for $300,000. A 10 percent deposit on this property would be $30,000, so the deposit bond would cost $300.

 

We can assist you in obtaining a deposit bond if you require one at the time of purchase of the property.

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