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The amount of deposit you pay when making an offer for a property can vary depending on several factors, including the preferences of the seller and prevailing market conditions. However, it’s common for the deposit to be around 10% of the purchase price.
That said, the deposit amount is typically negotiable between the buyer and seller, and it’s not uncommon for deposits to be lower, especially in situations where the buyer may be stretching their finances or where the seller is open to more flexible terms. Some sellers may accept deposits as low as 5%, or even less.
It’s essential to clarify the deposit amount with the seller or their agent before making an offer on a property. Additionally, it’s important to note that while a deposit is typically paid when the offer is made, there may be circumstances where the deposit is paid later in the process, such as upon signing the contract of sale.
Ultimately, the deposit amount is a matter of negotiation between the buyer and seller, and it’s advisable to seek guidance from a conveyancer, real estate agent or legal professional to ensure that the terms are fair and legally binding.
If you are looking for a conveyancing firm and have questions and concerns about conveyancing, please contact us on 03 8456 6797 for more helpful tips and advice.
