A deposit, in the form of a bank draft or a direct wire, is the initial cash required to secure a purchase of real estate once you have removed your subjects (Eg. Subject to financing, a Home Inspection, approving documents) or immediately upon acceptance of your offer. A deposit is generally 5% of the purchase price ($50,000 for a million dollar property).
Those funds are held in a trust account of your realtor's brokerage and go towards the amount owing for the purchase. It is part of the down payment
A down payment is the TOTAL amount of funds that the buyer puts forward themselves to go towards purchasing a property. The rest of the funds come from the mortgage, the amount you borrow from a lender/bank. So if you buy a property for $1,000,000, the deposit, the rest of the down payment (cash you have saved) and the mortgage (money borrowed from the bank) all add up to the purchase price.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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