Definition : Offer to purchase (promise to purchase) - Deposit

An amount paid in advance by the purchaser to the seller or to the acting notary, at the signing of the offer to purchase (promise to purchase) or before the signing of the deed of sale, which shall be deducted from the sale’s price.

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When the time comes to sign an offer to purchase, the vendor will often ask for a deposit, known familiarly as a « down-payment», to be deducted from the sale’s price. Even though there is no legal obligation to give a deposit, this practice offers to the vendor assurances of your intention to purchase and of your apparent solvency.
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