A deposit is, in fact, a deposit that the buyer pays for the house he wants to buy.
When the deposit is exchanged, an agreement is drawn up, which sets out the conditions for the return of the amount.
The deposit can be from 1 to 10% of the sale price, mainly depending on the market interest.
If the buyer violates the terms of the contract, he risks losing his deposit.
“However, there are a number of potentially negotiated contingencies that could protect a buyer from canceling a deal while still keeping all of their deposits.