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The deposit is one of the most misunderstood parts of buying a home — and one of the few that can actually cost you the property if you're not ready for it. So, when your offer is accepted, you provide a deposit — a sum of good-faith money that tells the seller you're committed.

It's held in trust (not handed to the seller), and at closing, it's credited toward your purchase price. Think of it as the first installment of your down payment, paid early.

Your down payment, on the other hand, is your total up-front stake in the home. Your deposit is a smaller slice of that money, paid right after acceptance. The deposit comes out of your down payment — not on top of it.

The attached guide, produced in collaboration with BRIX Real Estate Group, explains how much you'll likely need in Alberta, when it's due, where it goes, and what happens to it if the deal doesn't complete.