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Do I have to provide a financial “binder” or “good faith deposit” when I make an offer on a property?
“Binders” are not customary when making offers on real estate properties in New York City. Typically, a buyer’s real estate broker will submit an offer. If the offer is accepted, the buyer’s attorney will conduct due diligence and negotiate a contract of sale. Upon signing the contract of sale, it is customary for a buyer to provide a deposit equal to 10% of the purchase price, to be held in escrow by the seller’s attorney.
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