Found 1 blog entry tagged as Deposit vs. Down Payment.

Deposit vs. Down Payment: Navigating the Toronto Real Estate Market

When it comes to buying a property in Toronto, understanding the financial aspects of the transaction is crucial. Two terms that often cause confusion among homebuyers are "deposit" and "down payment." While both involve parting with money when purchasing a property, they serve different purposes and have distinct implications. In this article, we will break down the differences between deposit and down payment, shedding light on these essential aspects of the Toronto real estate market.

 

Deposit vs. Down Payment: Definitions

1. Deposit:

A deposit, often called an "earnest money deposit" or simply a "deposit," is a sum that a buyer provides to the seller upon agreeing to…

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