Send us a textA deposit is an initial sum of money provided with an offer to demonstrate serious intent to the seller, typically held in trust until closing. In contrast, a down payment represents a larger percentage of the purchase price paid at closing to secure the home and reduce the mortgage amount. While the deposit is generally added to the down payment, these terms are not interchangeable and have different timing and purposes in a property transaction. This podcast also touches on variations like builder deposits for new construction.https://www.houseinbrampton.ca

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