Contract of Sale and Deposit
Once you have agreed to all terms and conditions, the Contract of Sale needs to be written and then signed by all parties.
Typically a deposit of 10% is paid by the buyer to seller at the time the Contract of Sale is signed and exchanged. This figure, however, is negotiable and should be one of the terms stipulated in the Contract of Sale. As the Seller, your legal representative usually holds the deposit in trust until settlement. Continue reading