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    pushedout's Avatar
    pushedout Posts: 2, Reputation: 1
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    #1

    Feb 21, 2007, 07:18 AM
    Real estate contract
    I am in the process of selling my home. I need to know if a buyer needs to have an amount of money put in the contract as a "down payment" to the seller. You know in case the sale doesn't go through then the seller gets that money.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    Feb 21, 2007, 07:23 AM
    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.
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