Once you have chosen your property, you will need to show the owner that you have a firm intention to buy. You will then be required to send a formal offer and, once accepted, make a deposit which will be managed by the closing agent.

This deposit indicates that the buyer does not want the seller to continue negotiating with anyone else and the negotiation will naturally move towards a positive closing.

And what happens to the deposit after it closes?

If the buyer's financing is not approved, the deposit goes back to him. If it is approved, the deposit goes to the seller as part of the down payment. If either party breaches the contract, they can claim the deposit as compensation.

Always have a quality broker guiding you throughout this process, so that you get the best possible conditions.

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