What Is the Initial Contract Deposit in a Florida Real Estate Transaction?

Chris at Hauseit (https://www.hauseit.com) demystifies the initial contract deposit in a Florida real estate transaction. Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/
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The initial contract deposit is specified in the standard realtor purchase contract here in Florida, and it allows the parties to negotiate in early contract deposit typically only a few days after the contract is signed, such as three days. This contract deposit amount is typically smaller such as $5,000. This enables the buyer to put some skin in the game because typically they will have an inspection period during which they can cancel the transaction for much longer period like 10 or 15 days.

After the inspection period elapses, there is usually a larger second contract deposit which is typically 10% of the contract price. The balance of that after the initial deposit is deducted that will be due. This is all negotiable in the standard purchase contract.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. Learn how it works: https://www.hauseit.com/how-it-works/

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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