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Real Estate Information |
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Good Faith Deposit - Real Estate Transactions
In a real estate transaction, a touchy issue is how much trust the seller has in a buyer. The existence of a good faith deposit helps put a seller at rest. Good Faith Deposit If you are selling your home, condominium or other real estate, you should always require a buyer to make a good faith 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. The amount of the good faith deposit is dependent upon the agreed sale price of the real estate. Although percentages vary from state to state, a cash deposit equal to three percent of the sales price is typical. For instance, the deposit would be $9,000 for home selling at a price of $300,000. As with most transactions, this percentage is negotiable. I don't recommend that you accept anything less than two percent. Once the buyer and seller agree to the amount of the good faith deposit, you have to figure out what to do with the deposit. Importantly, the seller should not hold the deposit as doing so could make the buyer very uncomfortable. Instead, the money should be deposited with a third party and held "in trust." Potential third parties include escrow and title insurance companies as well as an attorney if your state requires their involvement. A good faith deposit acts like an insurance option for a seller. Moving through escrow can take 30 to 60 days, during which the property is off the market. The good faith deposit essentially compensates the seller for this time in the event the buyer is unable to follow through on the purchase of the property. Depending on the laws in your state, a buyer who can't close will lose the deposit. Typically, the only exception to this is when the seller allows language indicating the deposit will be returned if the buyer can't get a home loan. Of course, including such language can open the seller up to repeated frustration when bad credit buyers repeatedly fail to get funding. Good faith deposits are a fundamental part of a real estate transaction. Buyers should expect to pay them and sellers should demand them. Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
MORE RESOURCES: Ryan Serhant reveals his best networking advice: ‘Every room I go into, I use the two C’s’ Fortune Real estate transactions — Dec. 4-10 SteamboatToday.com The 10 Most Expensive Celebrity Real Estate Transactions of 2025 Architectural Digest Real estate's rising stars: 18 top young realtors, architects, and executives to watch Business Insider Westport real estate sales Nov. 24-28 Westport Journal Real estate transactions in Adams County from Nov. 17-21, 2025 Muddy River News Real Estate: 9 properties change ownership in Clark County The Arkadelphian NAR Real Estate Forecast Summit National Association of REALTORS® What Would Sam Zell Say Today?: Survival, Solvency, and Opportunity in a New Real Estate Market Boston Real Estate Times Buyers, sellers feeling good about their prospects in 2026 RealEstateNews.com Fishing and real estate have similarities, not just ‘the one that got away’ Orange County Register Agent Spotlight: Maureen Wixom The Grand Junction Daily Sentinel Why the next commercial real estate crisis will be performance-driven, not interest-rate driven The American Bazaar ARE Investors Have Opportunity to Lead Alexandria Real Estate Equities, Inc. Securities Fraud Lawsuit Morningstar OT Real Estate Spotlight of the Week: 4005 Pine Lake Court The Owensboro Times Here's Why Canadian Net Real Estate Investment Trust (CVE:NET.UN) Has Caught The Eye Of Investors Yahoo Finance Real estate transactions in Adams County from Nov. 24-28, 2025 Muddy River News RNR Real Estate Briefs – Texas & more Realty News Report Why housing’s ‘unaffordable situation’ is so persistent RealEstateNews.com Real estate sales in Peoria, Tazewell, Woodford counties Dec. 13, 2025 Peoria Journal Star Google is testing real estate listings AIM Group Real, Corcoran gain teams; The Agency marks a milestone RealEstateNews.com Real Estate Newsletter Articles this Week Calculated Risk Real Estate 101: The rental market is changing The Rome News-Tribune GJARA: A Season of Kindness The Grand Junction Daily Sentinel 6 developments on the metro-east real estate market Belleville News-Democrat Dodge County Real Estate Transfers Fremont Tribune SENSE & SENSITIVITY: COUPLE PONDERS REAL ESTATE INVESTMENT | Bonus | mdjonline.com Marietta Daily Journal 600 REAL ESTATE thecitizenonline.com Authorities: Bloomington real estate agent sets home on fire to collect insurance money The Pantagraph Life on the Sea Islands: Beaches, boating and potential real estate bargains in Beaufort County Post and Courier A Real-Estate Tycoon’s San Diego Exit Is Turning the City Upside Down The Wall Street Journal 'Ringleader' of vast real estate fraud scheme sentenced to 3 years in prison Rochester Post Bulletin Wrigley heir sells Florida compound for $97.5 million: report Crain's Chicago Business The Ten: Real estate faces an AI tipping point RealEstateNews.com Real Estate Transactions for Dec. 13-14 nashuatelegraph.com Westmoreland County Real Estate Transfers The Latrobe Bulletin Kaia Gerber Asks $5.79 Million for Her Renovated Soho Home Following a Move to California Realtor.com Dec. 5-12 Gulfport Real Estate Sales The Gabber Newspaper Google Enters the Portal Wars Mike DelPrete What's the most expensive property sold in Rhode Island? Dec. 12 real estate transactions. The Providence Journal Why Your Real Estate Email Campaigns Aren’t Converting (Yet) Inman Real Estate News ARE FRAUD UPDATE: Important Alexandria Real Estate GlobeNewswire Pinellas Beaches Real Estate Dec. 5-12 The Gabber Newspaper Here are recent property transfers up to $785,000 St. Albans Messenger Redlands property features sunroom, pool and mother-in-law suite - The Grand Junction Daily Sentinel Redlands property features sunroom, pool and mother-in-law suite The Grand Junction Daily Sentinel The Real State of Seed Today: The Top 10 Learnings from 50,000 Startups, Per Carta’s Latest Data SaaStr Keith Harrington joins EVO Real Estate Group Boston Agent Magazine Park Cities mansion sells for $30.5 million in largest Texas home sale of year The Business Journals Tidal Real Estate Receives $400M in Construction Financing for Nashville Edition Hotel & Residences REBusinessOnline Dawson County weekly real estate transactions, Dec. 12 Central Nebraska Today State demands $124M in repayments connected to nursing home real estate, related party charges McKnight's Long-Term Care News CMLS, RESO unveil board members for 2026 RealEstateNews.com Want a Scottsdale mansion for half the listed price? Check out this auction azcentral.com and The Arizona Republic In latest real estate move, Trump appears to be readying demolition of 4 historic D.C. buildings Facilities Dive Florida Housing Market Forecast for the Next 5 Years: 2026 to 2030 Norada Real Estate Investments BYUI Real Estate Society opens doors for students BYU-Idaho Scroll News | EQT real estate fund acquires Amazon-leased logistics facility near Scranton, Pennsylvania CoStar Berkshire County Real Estate Transactions for Nov. 24-28 The Berkshire Eagle Properties around Temple U. weren’t selling — until a real estate agent nearly doubled the asking prices Inquirer.com See how much homes prices rose in Chatham County recently Savannah Morning News EG Real Estate: 6 New Listings & 6 Sold Properties East Greenwich News What Is a ‘Zombie Mortgage,’ and How Can You Avoid It? The New York Times Today’s Mortgage Rates, December 13: Rates Remain Steady Across the Board Norada Real Estate Investments SRS Real Estate Negotiates Sales of Two Retail Properties in Georgia, South Carolina Totaling $7.6M REBusinessOnline |
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