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Deposit

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Deposit
Money given in advance to show intention to complete the purchase of a property or money transferred into a customer's account at a financial Institution.
    
Deposit is the money given by a buyer when making a formal Offer to bind the sale. It is also called Earnest Money. This type of deposit is identical to the money an investor transfers into a bank's savings or checking accounts. Some contracts require a percentage of funds to be transferred before Delivery as an act of good faith. An example is the Initial Margin deposit required for entering into a new Futures Contract.
Posted by  marcus evans limited
 
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