| Yes, there should be some kind of earnest money deposit to cover the seller in the event the buyer defaults. A common amount is 5 to 10% of the purchase price.
If you are selling your home without a realtor then I strongly recommend that you get yourself a real estate attorney to handle this for you. They will prepare and negotiate the contract as well as handling the closing for you. It should not be expensive (approx. $500 to $1500 depending on your location) and you will know that someone is looking out for your interests. |