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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: Real estate transactions — April 10-16 SteamboatToday.com Real estate is facing the worst fair housing crisis since the ‘60s Real Estate News by RealEstateNews.com Real Estate Transfers ~ April 3, 2025 The Bedford Citizen Norwalk's 2024 grand list drops to $16.2B, led by $1.3B decline in real estate values - Norwalk Hour Prince Harry and Meghan Markle Have Made Some WILD Real Estate Moves in the Past 8 Years House Beautiful Seeking Alpha Quant picks in the S&P 500 real estate sector heading into earnings (XLRE:NYSEARCA) Seeking Alpha Former executive sues Pat Connaughton's real estate company Milwaukee Journal Sentinel Real Estate Investing: 5 Ways to Get Started NerdWallet Real Estate Market Report (Feb./March) highlandscurrent.org Agent Spotlight: Jim Smyth The Grand Junction Daily Sentinel The Michael Houck Real Estate Guide for April 20 Oil City News How the Pandemic Changed New York City Real Estate Behind The Hedges Vendor & Real Estate Partners Dollar Tree Beyond the Boardroom: LIVE Real Estate Group's Dionne Clifton The News-Gazette Mandatory NAR membership facing a new legal challenge Real Estate News by RealEstateNews.com Brokerage Beat: News from Compass, eXp, The Agency, more Real Estate News by RealEstateNews.com Many first-time homebuyers are pushing 40 as millennials wait in vain for a better market - NBC News Accused Houston real estate fraudster connected to dozens of stolen properties caught attempting new deed filing Click2Houston Zillow just started an all-out war over real estate listings Business Insider Houston real estate lawsuit: Harris County suing couple in forgery case and theft of 35 properties ABC13 Houston The Hollywood Reporter Celebrates the Big Apple’s Top Real Estate Agents at New York Power Broker Awards The Hollywood Reporter Portland homebuyers rush into combative spring market OregonLive.com Tucson, Ariz.: Western Skies and Competitive Home Prices The New York Times Who’s Buying What in the Big Apple? Ask NYC’s Top Realtors The Hollywood Reporter Real estate options slim for Grove City dispensaries The Columbus Dispatch Mumbai’s Rush to Rebuild Comes With a Warning Bloomberg.com See how much real estate prices have changed in Petaluma last week The Press Democrat Trump Official Scrutinizes N.Y.’s Attorney General Over Real Estate The New York Times Housing Market Crash Alert? Zillow Turns Negative on Home Prices Norada Real Estate Investments Trump’s latest crypto venture will be a video game, and sources say it will be like Monopoly Fortune Q1 Estin Report for Aspen Snowmass real estate shows growth AspenTimes.com Sandwich house on market in 'awesome location' for $680,000 Cape Cod Times Real estate Sales include business buildings in Westfield, Jamestown observertoday.com Dodge County Real Estate Transfers Fremont Tribune Real estate sales in Peoria, Tazewell and Woodford counties for April 19, 2025 - Peoria Journal Star Real estate sales in Peoria, Tazewell and Woodford counties for April 19, 2025 Peoria Journal Star Page C13 Post and Courier Page C12 Post and Courier Page C10 Post and Courier Licking County real estate transfers for March 31 to April 4 reach $2 million in Granville The Newark Advocate $20M Coldwell Banker real estate calls class action settlement Class Action Lawsuits Real Estate Notes: Rutledge Hill hotel to open July 1 Nashville Post Phoenix land on Camelback Mountain with Frank Lloyd Wright-inspired home for sale for $30M The Arizona Republic Historic flooding locally impacts commercial real estate market The News-Enterprise MLS that quit enforcing Clear Cooperation gets back on board Real Estate News by RealEstateNews.com Imran Chaudhary, leading the real estate project in East Plano, says his planned Islamic Center is misrepresented by politicians IslanderNews.com House of Week: With its indoor heated pool, this Marcellus property is ‘like a vacation’ Syracuse.com Post-hurricane real estate market hard to pin down Your Observer Main Line home with 3 golf holes on former Penshurt Estate asks $2.3M The Business Journals Stafford County supervisors vote to increase real-estate tax rate by 3 cents Fredericksburg Free Press Battle Of The Listing Sites. Zillow Bans Pocket Listings, While Homes.com Welcomes Them Yahoo Finance Berkshire County Real Estate Transactions for March 31-April 4 The Berkshire Eagle Buc-ee's travel center may mean more residential, commercial development in St. Lucie County Treasure Coast News Richland County property transfers recorded April 7-11 Mansfield News Journal Real estate mogul Mattson turns to 5th Amendment as bankruptcy cases heat up The Press Democrat How Eliminating Property Taxes Could Impact Florida Homeowners U.S. News Real Estate Kohl’s real estate head joins CBRE’s retail group Chain Store Age Westmoreland County Real Estate Transfers The Latrobe Bulletin The Mountain city where thousands are selling their million-dollar homes amid 'cloud of uncertainty' Daily Mail CoStar CEO takes on Zillow in letter to agents Real Estate News by RealEstateNews.com Real estate news: 2-tower office campus in Newport Beach sells at a loss for $33M Orange County Register Penn owns over $3 billion in University City real estate, DP analysis finds The Daily Pennsylvanian Lisbon commercial real estate gains momentum The Portugal News $2.1 Million Homes in Muskoka, Ontario The New York Times Housing Market Predictions for 2025 Ramsey Solutions |
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