Why do I need to provide my down-payment by a bank draft or certified cheque?

In a real estate transaction, your lawyer/notary needs to make sure that the funds they receive are “certified/guaranteed funds”. Personal cheques are not guaranteed funds because they have a “clearing period”. Wire transfers can be problematic due to the deductions for wire fees and a time delay in the transfer. Bank drafts and certified cheques provide the certainty that the funds can be used right away to complete your transaction.