How do deposits work with Bōde for sellers?

Understanding the Deposit in a Real Estate Offer

When you first make or receive an offer, the purchase contract should clearly outline:

• The amount of the deposit
• The payment method (e.g., wire transfer, direct deposit)
• Who will hold the deposit in trust
• The due date for when the deposit must be received

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Who Holds the Deposit?

Once the offer is accepted, the deposit is typically held in trust by one of the following (as agreed in the purchase contract):

• The seller’s brokerage
• The buyer’s brokerage
• A lawyer

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How the Deposit Works

• The deposit is paid by the buyer, typically via wire transfer or direct deposit.
• Both the buyer and seller should receive confirmation once the deposit is received.
• If the deposit is not received by the due date, the purchase contract may become null and void.
• The deposit is held in a trust account until closing:
  • It is secure, kept in a separate account, and does not earn interest.
  • Once conditions are removed and the deal goes firm, the deposit continues to be held in trust until closing.
  • On the closing date, the deposit is transferred to the lawyer to be applied toward the purchase price.

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What If the Deal Falls Apart?

• If the deal collapses before conditions are waived, the buyer will typically receive the full deposit back.
• If conditions have already been waived and the buyer fails to close, the deposit is forfeited to the seller.

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How Much Should You Put Down?

A larger deposit can help your offer stand out — it shows the seller that you’re serious and financially prepared.

The deposit also counts toward your overall down payment.

Read our full blog post to learn more:
How much should you put down for a deposit? (https://home.bode.ca/blog/how-much-do-i-need-to-put-down-as-a-home-buyer/)