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An offer to buy is usually accompanied by a substantial deposit sometimes called a binder or earnest money. The sum proves to the seller that you mean business. The deposit is usually placed with the broker who keeps it in a special trust, or escrow account, sepa* ‘ rate from his or her own funds. If your offer is rejected, the agent returns your money immediately.
The amount normally put on deposit is 10% of the purchase price, but this amount could be higher or lower depending on the circumstances. Remember, though, that the seller is weighing your offer to see If it’s
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