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What is a down payment?

What is a down payment? Here are some definitions.

Noun
  1. (law, finance) A payment representing a fraction of the price of something being purchased, made to secure the right to continue making payments towards that purchase.
  2. (by extension) Any initial commitment signifying an intention to carry out a larger future commitment, even though no legal rights or obligations are secured.
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Examples
You may need money for down payment only or for down payments and few additional installments too.
Their solicitor had already found a fully furnished house for rent in London, and made a down payment on it.
What savings they do have is normally earmarked for an eventual down payment on a house or condo.
But details of how big the initial down payment will be, and how fast the total will rise, have yet to be decided.
You will be expected to make a significant down payment, with the balance by agreed instalments over a short period.
Well, you don't play polo because you need that down payment on your mortgage.

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