Buying a home in Canada? Here’s what you need to know about Deposit Rocket

Jul 28, 2021

Deposit Rocket digitizes cash deposits & certified cheques for Canadian homebuyers.

If you’re buying a home in Canada, you may be familiar with traditional cash deposits or certified cheques. But have you heard of a Deposit Bond? A Deposit Bond is a fully accepted and established method of selling property in Canada and in several countries. Built upon a successful 30+ year model in Australia, Deposit Rocket was launched in Canada in January 2021 by seasoned insurance and surety specialists with the direct product and international experience. And now, over six months later, Deposit Rocket’s quick and easy alternative to the conventional residential home cash deposit continues to turn heads in the Canadian real estate world. The rate of Canadian homebuyers purchasing an owner-occupied residential property through a licensed realtor and solicitor through Deposit Rocket continues to grow.

Deposit Rocket’s CEO, Don Miller, underlines his vision: “Our goal was to take the friction out of freeing up deposit funds and the time-consuming exercise of obtaining a certified deposit cheque for the buyer and realtors on both sides of the transaction. We’ve created a secure alternative that is instant, convenient, and affordable – a better buying experience for all involved.”

Antree Demakos, J.D., CEO of Legal-Line.ca sees value in this method and says “We are excited to introduce our four million annual users to a way to make a fast, guaranteed offer, without having to visit the bank!”

A Deposit Rocket Guarantee – The Better Alternative to a Cash Deposit Unlike single-use certified cheques, the buyer can make as many offers as needed with Deposit Rocket until they are the successful buyer (at no additional cost). Those eligible Canadians are unlocking up to 10% of the purchase price or $100,000 for the cash deposit – for up to 9 months without liquidating home equity, investments, unsecured lines of credit, bridge financing, or overdrafts.

Deposit Rocket is accepted by all agents and real estate brokerages because of their Duty of Care to present all valid offers to the seller. You can visit Deposit Rocket and apply now for a trusted and stress-free alternative to cash deposits by unlocking your equity for a quicker and easier home purchase.

How to Apply for a Deposit Rocket:

Deposit Rocket offers a streamlined 5-minute online application, making it easy to declare the equity that you have in your current home or the market value of your investments. Approval processing times are often instant but may vary to 1-2 business days depending on the application. “Having this online product simplifies and speeds up the journey for customers,” says James Benson, CEO of the James Benson Group, a top Keller Williams realtor. “It also makes the process for the realtors more efficient.” Once approved, the Deposit Rocket is emailed to the buyer and their licensed realtor immediately.

How to Purchase a House with a Deposit Rocket

Upon approval and payment, the Deposit Rocket is emailed to the Buyer and their Realtor. The Realtor attaches the Deposit Rocket to the Agreement of Purchase & Sale and uses the Deposit Rocket instead of the cash deposit for the offer. The Buyer can make as many offers on as many homes as needed until they are successful. Deposit Rocket offers real-time amount increases and easy extension options or if more time is needed to house hunt or close. Once the offer is accepted, the Seller’s Realtor holds the Deposit Rocket as the cashable, callable deposit commitment until closing and the Buyer simply pays the full purchase price including the deposit amount at closing.

Improved Close-Ratios with a Deposit Rocket

Ben Myers, President of Bullpen Consulting says, “The speed and flexibility of Deposit Rocket give Realtors a tool to help their clients make the most competitive offer possible, where previously they were powerless to help.” Leading Muskoka Broker Daryl Idiens at Sellbuyfly.com, adds “Deposit Rocket will allow out-of-town clients to make an offer without the inconvenience of providing a deposit cheque. They also won’t miss out on any must-buy properties because their deposit funds were tied up.”

Furthermore, Don Miller explains “the neat thing for the selling agent is if they’re receiving offers on a home and they like one of them, but the deposit isn’t quite high enough or it’s not certified, they can ask the buyer to upgrade it on the spot”.

About Deposit Rocket

Deposit Rocket is an InsurTech obsessed with making buying a home, quicker and easier. Accepted by all realtors and brokerages, Deposit Rocket is fully backed by an ‘A’ Insurance Carrier, rated (Excellent) by A.M. Best.

With Deposit Rocket, you can avoid the stress and complications of having to obtain certified cheques, a line of credit, bridge financing, borrowing from friends and family, or being forced to liquidate investments and paying breakage and interest fees. A simple 5-minute application can be the difference in getting the house of your dreams.

For further information: For media inquiries, contact: Nathan Neyedly media@depositrocket.ca / 416-484-4545 – immediate response provided; depositrocket.ca

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