Definition: Money or property delivered to be held or applied under an agreement. A purchase deposit commonly serves as earnest money toward the transaction.
Example
A buyer delivers a $5,000 deposit to the named escrow holder under the purchase contract.
Keep the distinction clear
A deposit is not automatically the seller's money or a broker's commission. Refund, forfeiture, and disbursement depend on the agreement and applicable law.
Related terms
Earnest Money · Escrow · Conflicting Demands
Keep studying
What Strengthens a Purchase Offer? Preapproval and Earnest Money
References: Florida Statutes 475.25: discipline and escrow disputes · California DRE: real estate glossary
Pronunciation (US): dih-PAH-zit (capitals show stress)
Pronunciation reference: Merriam-Webster
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