Deposit vs Down Payment in Real Estate - What's the Difference?

Описание: What is the difference between deposits and down payments in real estate? Mariko covers the key differences between deposits and down payments in real estate, and goes over other important information such as when they're due, amounts, who holds the $$$, and example timelines including where a deposit could equal a down payment vs when a down payment is greater than the deposit.

If you're thinking of buying (or selling) real estate in BC, then this video will be helpful for you. At Bridgewell, we understand that the costs involved with buying and selling real estate in BC and Canada can be a bit overwhelming at times. Our team is here to break down these costs for our clients, and are with them every step of the way to make sure they have all the knowledge & tools they need in their real estate journey. If you're looking to buy or sell in the Greater Vancouver area, reach out to our team today!

TIMELINE • In this video, we discuss:
0:00 • Introduction
1:20 • What is a deposit vs downpayment?
1:35 • What is a deposit & when is it due?
3:15 • What is a down payment & when is it due?
3:55 • Important Note: Your deposit forms a part of your down payment!
4:40 • Key differences between deposit vs down payment
5:00 • Key difference # 1: Amount
7:25 • Key difference # 2: Due Date
9:25 • Key difference # 3: Who Holds the $$$
11:15 • Example Timeline # 1: Resale with subjects with $500,000 purchase price
13:35 • Example Timeline # 2: Resale with subjects with $1,000,000 purchase price
15:45 • Recap & Conclusion

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