Real Estate Rick - Rick Pinheiro

The Purchase Price
This is the single most important number. It is the exact amount you, the buyer, are offering to pay for the property. This number is not just a figure; it is based on market research, current property values, and your budget.
The Deposit
The deposit is a sum of money provided by the buyer to demonstrate “good faith” and show they are a serious, committed buyer. In some markets, this deposit must be made upon the submission of the offer; in others, it is paid within a specified period (e.g., 24 hours) after the offer has been accepted by the seller.
What Does the Deposit Do?
• Security: It provides security to the seller, assuring them that the buyer intends to follow through with the purchase.
• Penalty: In most standard contracts, if the buyer illegally pulls out of the deal without a valid reason (e.g., if conditions like financing or inspection fail), they may forfeit their entire deposit to the seller.