The deposit is due by the deadline set in the contract, and the timing varies by province and by offer. In British Columbia it's commonly due within 24 hours of subject removal; in Ontario it's usually due within 24 hours of acceptance. The deposit is typically held in trust by the buyer’s lawyer, the seller’s lawyer, or a designated brokerage trust account, depending on provincial requirements and agreed terms.
The deposit serves as a sign of good faith and becomes part of the buyer’s down payment upon closing. Failure to provide the deposit by the deadline may put the buyer in breach of contract, allowing the seller to cancel the agreement or pursue remedies.
Bōde helps reduce risk by providing automated reminders, summarizing deposit instructions directly in the offer, and generating a clear record for both legal teams. This ensures that the buyer knows exactly where to send funds and that deadlines are tracked with precision.