Down payment VS. Deposit- what's the difference?!

Posted by Client Care Othen Group on Monday, December 7, 2020 at 1:34 PM By Client Care Othen Group / December 7, 2020 Comment

Down Payment vs. Deposit  What’s the diff?!

This #RealEstateRealTalk we are discussing one of our most requested topics.
What’s the difference between down payment and deposit?

Let’s break it down... ‍

Deposit

⭐️ A deposit is always provided with your offer.  Either provided herewith or upon acceptance- depending on if you’re competing or not.

⭐️ A deposit will most likely always be at least 5% in the GTA. Providing 5% deposit of your offer price shows the Sellers that you’re strong and confident to win.

TIPS

1️⃣Please refer to an expert on deposit amounts, your finance situations, etc.
2️⃣ The deposit does not go right to your account. The deposit will sit with the Brokerages Trust Account most likely until closing.

Down Payment

⭐️ A down payment is the TOTAL amount you will be putting down on your home. This will not be needed the day you are making your offer.

If you’re thinking of buying or selling please contact our Client Care Manager 647-525-7653 to set up a consultation with one of us.

#RealEstateRealTalk