menu

What you need to know about home deposits

Date Posted
23 April 2015
[caption id="attachment_848" align="alignleft" width="300"] (Photo credit: Devonyu/iStockphoto.com)[/caption] When you make an offer on a home, negotiating a deposit is part of the homebuying process. The deposit is just as important as your offer since it reassures the buyer that you're interested in buying the home and that you also have the finances to back up your offer. Deposits are negotiated between the buyer and the seller and they can be put towards the downpayment and the home offer. While there's no minimum or standard deposit amount, consult your real estate agent for their insight. Keep in mind that you should be able to afford paying the deposit amount and that the deposit should be easily accessible within a short period of time. Deposits can either be paid when the offer is made or within 24 hours that the seller has accepted the offer. If the deposit isn't paid on time, the seller has the right to cancel the deal. In Toronto it's typical to offer a five per cent deposit, which for some homebuyers may be the same amount they would use for their downpayment. The deposit is paid to your real estate agent, who then sends the information over to the seller's real estate agent. The real estate brokerage will hold onto the deposit in trust, which is done to protect the buyer from having the seller run off with the money. Also, the money provided by the buyer is insured and protected against fraud, insolvency or misappropriation, if a registered real estate agent is used. When you sign your offer of purchase, you've signed a legal offer for the home. If you choose not to follow through, buyers could lose their deposit. For example, if a buyer is unsatisfied with the results of a home inspection, both the buyer and the seller must agree to release the deposit. The seller has the option not to release the deposit as well and it'll remain in the brokerage's trust account until the issue is resolved by a judge. Buyers can choose to put a condition on the deposit and they might consider releasing a smaller deposit initially and the rest of the deposit will be released once the condition has been met. When buying a home, know the rules behind the purchase to avoid costly mistakes down the road. Also, don't forget to account for closing costs, which includes your downpayment among other expenses.Rebate4U can help homeowners figure out whether they qualify for an HST rebate. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes -whether it's your new home or an investment. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.

Contact Us

Rebate Calculator

Please enter the total value of your renovation including tax.

Total construction cost
(including taxes)
$
Search Our Blogs

More of our Blogs

26 March 2024

Tips to Ensure Your Renovation is Substantial Enough for the HST Rebate on New Homes

The Harmonized Sales Tax (HST) Rebate on home renovations is a significant financial incentive for homeowners in Ontario, providing a golden opportunity to recoup a portion of the expenses involved in upgrading and enhancing their living spaces. This rebate is offered via Canada Revenue Agency, and it aims to encourage property owners to invest in their homes, not just for personal satisfaction...

View Full Post
13 March 2024

How to Claim the HST Rebate on Rental Properties

The HST rebate on rental properties or the New Residential Rental Property Rebate is an excellent opportunity for new condos and homeowners who are not planning on occupying the property to get some money back that was invested in the purchase of the new home. Choosing to rent a property is an effective secondary passive income. When paired with the HST Rebate in Ontario, a rental property can be...

View Full Post
26 February 2024

How to Find a Tenant Ahead of Your HST Rental Rebate Application

If you’re renting out a new residential property, the HST Rebate in Ontario is a great opportunity to get back some of the money you’ve invested into purchasing the condo. Available via Canada Revenue Agency, the New Residential Rental Rebate Program can mean thousands of dollars back. To qualify for this rebate program in Ontario, you must meet the criteria set out by Canada Revenue...

View Full Post
10 February 2024

3 Stand-Out Benefits of Applying for HST Rebate on Home Renovations

Home renovations are a great way to revitalize your existing property to transform it into your dream home. Working with the best contractors you can make large-scale upgrade plans that rebuild your home from the ground up. With programs like the New Home HST Rebate in Ontario, the cost of these significant upgrades can be mitigated. By working with the experts at Rebate4U you can assess your...

View Full Post
31 January 2024

Why Turn Repairs into Renovations with the Home Renovation HST Rebate

Whether you’ve recently purchased a new home that needs a lot of work or are ready to upgrade your existing home, renovations and remodels can rack up quite the bill. But for homeowners in Ontario, the HST rebate on home renovations is a viable option that can help you get more return from your investment. Read on for more information!

View Full Post
18 January 2024

Which Part of Your Home Renovations Are Subject to HST in Ontario?

Like with the transaction of any good or service in the province, there is a 13% tax (Harmonized Sales Tax) added to every purchase, including the sale properties. When buying a home, this tax can add up to a substantial amount. In Ontario, the HST Rebate program is offered to residential property buyers as a way to offset the cost of new home purchases.

View Full Post
15 December 2023

What to Do When You're Not Ready to Move Into Your New Condo

If you’ve bought a new condo and want more insight into your rebate options, from the HST Rebate on new homes to the New Residential Rental Property Rebate, contact the experts at Rebate4U for more insight and personal guidance.

View Full Post
27 November 2023

So You Built a New Home, Now What?

If you’ve recently finished building your new property in the last two years, you may be eligible for money back with the HST rebate in Ontario. The program allows homeowners to recover a portion of their HST spent on construction.

View Full Post
17 October 2023

Signs You'll Benefit from the HST Rebate in Ontario

The HST Rebate in Ontario is a valuable and beneficial program available to homeowners in Ontario. Unfortunately, many new home buyers or even long-time homeowners are unaware of the program’s existence or their eligibility. The new home HST Rebate can be nuanced, but with the guidance of an experienced, trusted, and knowledgeable professional like the team at Rebate4U,...

View Full Post
29 September 2023

Benefits of Renting Your Newly Purchased Home

It’s not uncommon for property owners to purchase a new home or condo with the intention of making it their primary residence but then later change their minds to use the newly acquired or built property as a rental unit. Whether you build the home from the ground up or determine that you no longer want to use a newly purchased property from the builder as a home for yourself, there are...

View Full Post
Homeowners, obtain an HST rebate of up to $30,000 today!
get started

Why Choose Rebate4U?

Experienced Specialists

For over 10 years, the Rebate4U team has the knowledge and expertise to help residential property owners throughout Ontario successfully apply for regional HST Rebate programs.

Free Consultations

Our specialists offer complimentary consultations where we review your eligibility to determine whether you qualify for an Ontario HST Rebate so you can proceed with your application confidently.

Millions Awarded

We are able to expertly navigate rebate opportunities, staying up-to-date on the most recent rebate developments and changes in the HST Rebate program to maximize returns. To date, we’ve successfully acquired millions of dollars for clients in total.

Customer Commitment

The Rebate4U team is dedicated to delivering the highest level of customer service, we are here to answer your questions and help you navigate the intracises of your application easily and efficiently.

Cashing-In on the HST Rebate is as Easy as 1-2-3
Contact REBATE4U

Set up a quick, free consultation with the Rebate4U team to explore your HST Rebate options.

COLLECT DOCUMENTS

Submit your required documents to Rebate4U, and we'll handle your application.

GET YOUR Money BACK

Apply for the rebate and receive thousands in rebates in just weeks with Rebate4U.

FIND OUT IF YOU QUALIFY

We are proud to be working with top Canadian companies

Recent Posts view all posts

Tips to Ensure Your Renovation is Substantial Enough for the HST Rebate on New Homes

The Harmonized Sales Tax (HST) Rebate on home renovations is a significant financial incentive for homeowners in Ontario, providing a golden opportunity to recoup a portion of the expenses involved in upgrading and enhancing their living spaces. This rebate is offered via Cana...

Read More

How to Claim the HST Rebate on Rental Properties

The HST rebate on rental properties or the New Residential Rental Property Rebate is an excellent opportunity for new condos and homeowners who are not planning on occupying the property to get some money back that was invested in the purchase of the new home. Choosing to rent...

Read More
We Are Based

Rebate4U
101-3185 Bathurst St
Toronto ON
M6A 2B2

1-800-610-4510
info@rebate4u.ca

Connect With Us
Error...

Please, enter a valid value

We are sorry...

But the values you entered are invalid

Rebate

In celebration of our 3 year anniversary at Rebate4u Inc, we have decided to reduce our fee structure for all new home and renovation rebates including the New housing rental rebate.  

Don't waste your time looking for anyone else to take care of this because we will not be under sold.
Please fill out the form below or call us at 1-800-610-4510

Please, enter a valid value