Do I have to come up with the deposit all at the same time?

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Question: Do I have to come up with the deposit all at the same time?

No.

Every condominium project will have a unique “deposit structure” but typically the 20% deposit is payable over 1 year in 4x 5% payments.

sample-deposit-structure
Sample Deposit Structure as seen on a price sheet

The table below highlights a typical deposit structure and is broken down in terms of percent of purchase price, and an example with an assumed $300,000 purchase price.

% Payable

$ Payable
At Signing $5,000 $5,000
30 Days Balance to 5% $10,000
120 Days 5% $15,000
180 Days 5% $15,000
365 Days 5% $15,000
TOTAL 20% $60,000
Roy Bhandari