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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: Broncos connected to real estate purchases around Burnham Yard, potential stadium site The Denver Post Small real estate investors reach record market share, now dominate 59% of investor purchases Fox Business Real Estate Transfers ~ May 30, 2025 The Bedford Citizen Real estate brokerage eyes move to Salesforce Tower Crain's Chicago Business Startup aims to bring assumable mortgages to the masses RealEstateNews.com After 50 years of blazing a trail for women in real estate, a Hampton Roads magnate retires The Virginian-Pilot Household Real Estate Asset Value Falls to Start the Year Eye on Housing Attorney General Jeff Jackson Frees North Carolinians from Predatory Real Estate Agreements NCDOJ (.gov) Lynn Goessling Talks Real Estate Trends in St. Louis Business Journal Armstrong Teasdale MV Realty update: Listing agreements terminated in Florida RealEstateNews.com Real Estate: 8 properties, including apartment complex, change ownership in Clark County The Arkadelphian Interview: Heidi Addo, vice president, Michel Commercial Real Estate Finance & Commerce EG Real Estate: 11 Sold & 13 Open East Greenwich News SDCERA commits $250m to real estate fund Private Equity Real Estate | PERE MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES 10% INCREASE IN MONTHLY CASH DISTRIBUTION POLICY Yahoo Finance Former GE Headquarters Site in Fort Point Sells for $57 Million Amid Struggles in Lab Real Estate Market Boston Real Estate Times 4 rate-lowering strategies to share with buyer clients RealEstateNews.com Q&A: Colliers’ Devon Dvorak builds career in multifamily real estate Finance & Commerce Tech Bytes: reAlpha enters a new market, eyes national expansion RealEstateNews.com Home equity dips $4K as prices slow, costs climb RealEstateNews.com TCRS commits $150m to real estate fund Private Equity Real Estate | PERE Archie real estate platform wins Delaware EDGE grant Cape Gazette Real estate news: Tesla Collision Center property in Irvine sells for $21M Orange County Register The Best Real Estate of the Year, From Merv Griffin’s La Quinta Estate to a Historic Oxfordshire Manor Robb Report Aleut Real Estate breaks ground on hangar facility at Pryor Field Business Alabama Magazine New Perspectives: Cheers! | Real Estate Insights Piedmont Exedra Related Beal Celebrates Topping Out of Leiden Center II at Innovation Square in Boston’s Eastern Seaport Boston Real Estate Times Brooklyn BP Antonio Reynoso has taken cash from real estate interests despite pledge New York Daily News Kevin Joyce Talks Residential Real Estate, Mortgages & Opportunities For Sellers & Buyers Rockland County Business Journal MassHousing Announces Expanded, Statewide Down Payment Assistance Program - Boston Real Estate Times MassHousing Announces Expanded, Statewide Down Payment Assistance Program Boston Real Estate Times Matthews Real Estate Opens San Francisco Office Connect CRE Galvanize Real Estate Buys Maryland Industrial Portfolio CommercialSearch Licking County real estate transfers for May 26-30 hit nearly $1.5 million in Pataskala The Newark Advocate Real estate transfers in Hancock County for May 2025 Muddy River News Invesco Real Estate Provides $355M Refi of 24-Asset Industrial Portfolio Commercial Observer $28.2 million record home sale in West Palm Beach at 3030 Washington Road The Palm Beach Post Fond du Lac County property sold for $1.53 million in real estate transfers for June 2-6 fdlreporter.com News of public record: Muskingum County real estate transfers Zanesville Times Recorder Northwest Healthcare Properties Real Estate Investment Trust Announces June 2025 Distribution Newsfile Wake Up Your Real Estate: Defining Real Estate Nonstop Local News LOCAL REAL ESTATE TODAY 6.13.25 KQEN News Radio Real Estate Agent Booms and Busts Calculated Risk Brookfield Asset Management names CEO of real estate in reshuffle Pensions & Investments News of public record: Coshocton County real estate transfers Coshocton Tribune Real estate transfers: Canton supermarket property sells for $8.2M Canton Repository $354M Deal: Bridge Investment Group's Massive Industrial Portfolio Refinancing Spans 6 Key States Stock Titan The Pipeline: Commercial real estate roundup for 6.13.25 Richmond BizSense Florida’s Spring Break Capital Is Now Its Newest Luxury Real Estate And Financial Hotspot - Forbes Construction crews raising the next business park for fast-growing Kyle The Business Journals Texas firm pays $32M for Near North Side apartments Crain's Chicago Business Investors Are Selling a Record Share of Homes To Cut Their Losses—Especially in These 5 States Realtor.com Major Real Estate Deal: Lead Real Estate Secures Prime Spot in Tokyo's $6B Tsukiji Waterfront Transformation Stock Titan Welcome to Real Estate Friday! The Berkshire Edge U.S. States With Lowest Mortgage Rates Today – June 13, 2025 Norada Real Estate Investments Real estate giants crack down on exclusive 'off-market' home listings in major shift for buyers Fox Business Real estate pushback to the 'Taylor Swift tax' begins. Will the charge hit everyday cottages? The Providence Journal Reality star's real estate company locks hundreds of North Texans into controversial contracts CBS News |
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