Need some help regarding the sale of my first home.
Is there a standard deposit percentage that the buyer should put down on the sale contract of the home.
I'm currently selling my home for the mid $300's and the buyer only wants to put down a $1000 deposit, and extend the contract to 60 days (including 14 days finance).
Am i to presume therefore that he may pull out of the signed unconditional contract on the 59th day and only lose his $1000?
I would have thought the deposit should be more like $10,000, or a figure high enough to deterr any backingdown of the contract. The real estate agent seems to think a $1000 deposit is fine.
