Good faith deposits are a fundamental part of a real estate transaction. 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. Depending on the laws in your state, a buyer who can’t close will lose the deposit. The good faith deposit simply establishes that the buyer is serious and, to some extent, has the financial capacity to follow through on the purchase. Buyers should expect to pay them and sellers should demand them.
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