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When buying a property, a crucial part of the process is the contract deposit. This deposit is a payment made by the buyer to the seller to secure the purchase of the property. It is an essential part of the legal agreement between the two parties and can have significant consequences, both financially and legally.

In most cases, the contract deposit is paid when the contract of sale is signed. This payment acts as a sign of good faith and confirms the buyer`s commitment to the purchase. The amount of the deposit is typically a percentage of the purchase price, usually around 10%.

The contract deposit serves as a form of security for the seller, ensuring that the buyer is serious about the purchase and has the financial means to complete the transaction. If the buyer fails to complete the purchase, the seller can keep the deposit as compensation for any losses incurred.

However, if the seller fails to fulfill their obligations under the contract, the buyer is entitled to a refund of their deposit. It is crucial to ensure that the deposit is paid into a trust account and held by a licensed and trustworthy party.

It is also important to understand that the contract deposit is separate from the deposit required by the lender. The lender`s deposit is typically a percentage of the purchase price, usually around 20%. This deposit is required to secure the loan and is not refundable.

When purchasing a property, it is essential to seek legal advice to understand the contract deposit and the legal implications it carries. It is also important to ensure that the deposit is paid into a trust account and held by a licensed and trustworthy party.

In conclusion, the contract deposit is a crucial part of the property purchase process, and buyers and sellers must understand its significance. Seeking legal advice and ensuring that the deposit is paid into a trust account are essential steps to ensure a smooth and secure transaction.