The terms of the agreement have been accepted by both parties at which point you, the buyer will provide a certified cheque or bank draft for the deposit amount that will be held in the selling brokerage’s trust account. If for whatever reason you cannot fulfill a condition or you are unwilling to accept a deficiency found the deal will become null and void and the deposit will be returned back to you, the buyer in full.
If there are no issues, once the conditions are fulfilled the deal will firm up and the deposit will be held by the selling brokerage in trust until closing.
