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What is the difference between a security deposit and a down payment?

April 26, 2017deposit difference down payment security

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What is the difference between a security deposit and a down payment?

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Your security deposit is either a separate check ($100.00 per house) or your credit card information on file. You will not be charged on your credit card or your check will not be deposited until after final inspection is made. We will notify you before any charges or deposits are made. If no damages or missing items are found. We will not deposit your check or charge your credit card. A down payment actually holds the house for you and goes towards your final balance.