Typically, deposits are between 3% and 5% of the purchase price of the home. This is not set in stone and has simply become an industry-standard based on millions of transactions. So... if you are looking to appear "modest" you might offer 3%. If you are looking to appear very serious, you might offer 5%.
Deposits are typically held by the seller's brokerage but the trustee is always negotiable between buyer and seller.
Whether you are at the stage of making an offer, accepting an offer or just seeking information for research purposes. Check out both our Buyer's and Seller's Checklists for more great tips and a way to stay organized.
Did you know? Our "favourites" feature allows you to take notes on each home you visit so you can make the journey more personal" ex. "the great kitchen house" making the homes you view memorable and relevant to you allows you to narrow down your choices quickly!