The buyer will be required to pay a deposit following the removal of all subjects. This money is usually paid to the realtor who then holds the funds in a trust account pending completion. The amount of this deposit can be negotiated between the buyer and seller and if the buyer is using the assistance of a realtor, the realtor will assist and advise on this when the time comes. If the buyer does not complete, the seller can claim the deposit and consider the contract completed. It is in the buyers best interest to keep the deposit amount as low as possible, however we normally do not see deposit amounts less than $5000.00.
Deposits. When do I pay, how much do I pay, and what happens to my deposit?
Category: Real Estate