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A deposit, in the world of real estate, is money that a buyer gives to the seller or an escrow agent as a sign of their commitment to buy a property. It's like giving someone a small part of the money you owe them to show that you're serious about paying the rest later.
For example, imagine you want to buy a house that costs $200,000. You might give the seller a deposit of $10,000 to show that you're really interested in buying the house. Later, when you finish paying the full price, that $10,000 is counted as part of your payment.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the land of homes and purchases, where deals are made with glee,
A thing called deposit takes the stage, to show commitment, you see.
It's money that a buyer gives, to a seller or agent who waits,
To prove they're serious about the deal, and they won't change their fates.
Imagine now a lovely home, worth two hundred grand,
You want to buy it for yourself, and on that land you'll stand.
You give a deposit, ten thousand strong, to show you mean to stay,
And when you pay the full amount, that sum will find its way.
A deposit, oh, it matters much, in the world of real estate,
It shows a buyer's dedication, and helps to seal their fate.
In the land of homes and purchases, where deals are made and won,
A deposit helps to pave the way, and make the process fun.