WHO supplies the deposit?
In short, you do! Likely a good point of discussion when you go through with your mortgage broker to ensure you can pull on the funds easily or, if necessary, take the appropriate actions to make your money available when needed.
WHAT is the difference between a deposit and a down payment?
Your deposit is an amount held in trust once, and only when, your offer is accepted. That amount is held as a sign of 'good faith' between both parties that the transaction will close based on the terms agreed upon. The amount put forward in your deposit is ultimately credited to your final mortgage/closing costs. Your down payment is similar in the sense that it is a sign of good faith only this time, to your mortgagor. This will be taken directly by the bank and credited to your mortgage at the time of closing.
WHERE does my deposit go?
Your deposit is held in trust, with the Listing Brokerage, until your closing date. Your lawyer and bank will work to ensure the money is moved appropriately. Some Brokerages (not all!) will place money in an interest bearing account. It is important to know and acknowledge in your offer if this is the case. Your REALTOR will know and advise you accordingly. You will be issued a receipt in either case, for your records.
WHEN do I need my deposit?
Your deposit is submitted upon acceptance of your offer unless otherwise specified.