When do I need to pay the deposit for the property?

The deposit is typically paid upon the acceptance of your offer to purchase. The specific timeline for deposit payment will be outlined in the purchase agreement and is usually within a few days of the offer being accepted. The initial deposit is paid to the Real Estate brokerage.   Your realtor will guide you through this process.  Where there is no Realtor, the initial deposit is usually paid to the seller’s lawyer’s office.

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Updated on August 24, 2023