Buyer to Seller Deposit
What does it mean by making a deposit?
A real estate deposit, also known as earnest money, is a payment made by a buyer to a seller when entering into a real estate contract. The deposit is a sign of good faith and is intended to protect the seller if the buyer backs out of the deal. Here are some things to know about real estate deposits:
- Purpose
A deposit ensures the seller is protected if the buyer backs out of the deal. It also incentivizes the buyer to proceed with the sale.
- Amount
The amount of the deposit can vary depending on the property’s price and location, but it’s usually a percentage of the property’s price. It’s often around 1–10% of the sale price.
- When it’s paid
The deposit is paid when the buyer signs the purchase agreement or sales contract.
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