How much do I pay upfront?

[Eli Mills]

I am a tiny bit confused about what amount is due at the closing of a deal...Example: purchasing a multifamily for $350k.  Is the full purchase price due upfront? or just a down payment and the rest gets paid in installments over time?

[Dawn Brenengen]

@Eli Mills Generally, you would put up a small amount at the time you write the contract, let's say 3,500 (earnest money).  Then you do your inspections and other due diligence, and usually about 30-40 days after you initially write the contract you close, which is when title transfers from seller to buyer.  If you are obtaining financing, you would pay a downpayment at closing (usually 25% of the purchase price), and then the rest would be paid over a 30 year timeframe. (monthly mortgage payments)