A deposit is usually given with the Offer to Purchase or within 24 hours of acceptance of the Offer. The purpose of the deposit is to show the seller that that the buyer is serious, and to protect the seller if the deal falls through. If the Agreement goes ahead, the deposit is credited towards the amount due on closing. If the offer is not accepted, or if the conditions are not waived, the deposit is returned.
If you are getting a mortgage, your down payment is the amount you pay personally towards the price of your home. The down payment is deducted from the overall price of the home, and the balance is covered by the mortgage loan. The down payment is paid in trust to your lawyer before closing. Your real estate lawyer will explain to you the amount you have to bring in before closing. Your lawyer will combine your down payment with the mortgage funds to pay the full purchase price to the seller on closing.