Depending on the laws in your state, a

June 14th, 2009 01:57am

Depending on the laws in your state, a buyer who can’t close will lose the deposit. Good faith deposits are a fundamental part of a realestate transaction. The good faith deposit simply establishes that the buyer is serious and, to some extent, has the financial capacity to follow through on the buy. Buyers should expect to pay them and sellers should demand them. Although percentages vary from state to state, a cash deposit equal to three percent of the sales price is [...] As with most transactions, this percentage is negotiable.
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