Why do I have to give a deposit? Will I get it back if I back out of the deal?

A deposit is a “stakeholder”.  I signifies   Seller that you are serious in proceeding in purchasing their home.  The deposit is not a “down payment”.  It will however, go towards the purchase price balance upon closing.  The deposit it held in a “trust” account which is regulated and is a separate account.  Whether a deposit is returned depends on the situation and what caused the deal to collapse.  The Share Team will advise you at the time of preparing an offer as to how a deposit is taken.