Buying a condo, even at lower preconstruction prices, can still take up a huge bite out of your bank account. Saving up for that initial down payment can be taxing, but 109Oz, a modern mid-rise condo coming to Ossington Avenue, has a new way to help home-hunters become bona fide home owners.
For purchasers keen on the project, Reserve Properties has teamed up with The Guarantee Company of North America to help buyers access Purchaser’s Deposit Bonds. The bond allows you to partially defer payment of your deposit until interim occupancy.
In other words, if you’ve fallen for a loft with a $400,000 price tag, your deposit would amount to 15 per cent, or $60,000. Here’s how you would typically pay the builder: you’d hand over $5,000 immediately, make a second cash deposit of $15,000 within 15 days, add the next $20,000 in 60 days, and then make the fourth deposit of $20,000 within 270 days or purchase.
With a Purchaser’s Deposit Bond, that last $40,000 (or 10 per cent of the price) can be held off until initial occupancy.
There are 87 units within the boutique building and condo-seekers can choose from units that range in size from 500 to 1,024 square feet. The angular stacked building is fashioned from sleek glass, brick and metal and imagined by RAW. Interiors are by II By IV.
For more information contact 416 531 4844 or firstname.lastname@example.org.