downpayment |
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Definition
Good-faith deposit made by a buyer to underline his or her commitment to complete the deal. In mortgage agreements, down payment is the difference between the purchase price of a property and the mortgage loan amount. Also called earnest money or front money.
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downpayment is in the Accounting & Auditing and Banking, Commerce & Finance subjects.
downpayment appears in the definition of the following term: front money
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