When you make an offer on a property, you will be required to make a deposit towards the purchase price which indicates to the seller that you are negotiating in good faith, and signifies the intention of the buyer to complete the purchase. The deposit is normally kept in the Listing Broker’s trust account until the date of closing, or other termination of the Agreement such as lack of fulfillment of conditions, etc. At closing, the deposit becomes part of the down payment. If, for any reason, the buyer defaults on the contract, (a very rare occurrence, by the way) the deposit money becomes payment for damages suffered by sellers and their agents.

The deposit is typically a few thousand dollars, but usually less than five percent of the purchase price. If the seller does not accept the buyer’s contract, the money is returned to the buyer.

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Dan has answers to your questions and more professional tips to make your real estate transaction more pleasurable. Call or e-mail Dan or click on "Ask Your Own Questions." Dan can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area. If you would like him to help you locate a home, please fill out his Information Request Form. Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Dan can also help. Just fill out his Would like an address form, please ! Or perhaps you are considering selling your home in the near future, he can also offer you a Complimentary No- Obligation Market Evaluation Form

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