Deposit and down payment - are they the same?

A deposit is the money you submit during the offer process to secure a property you wish to purchase. Think of it as a gesture of good faith to the seller. A deposit shows the seller you’re serious and committed to buying their property. It demonstrates that you have the financial means to make the purchase and you’re comfortable taking on some level of risk until the deal closes.

There is no standard amount for a deposit, so I can’t say how much it will cost you. It is something your real estate representative can negotiate with the seller’s rep, along with the timing of any payments. Deposits can be due when an offer is made, once an offer is accepted, or another agreed-upon time. This should all be captured in the written terms of your offer and the eventual agreement.