Deposits in the Long Beach Island NJ Real Estate Market
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LBI Real Estate Sale Deposits 
LBI Real Estate Sale Deposits 
LBI Real Estate Sale Deposits
Long Beach Island Real Estate
An LBI real estate sale deposit is a common step in any transaction. Typically, the buyer pays the deposit in two phases: an earnest money deposit and an “additional deposit.” An earnest money deposit is a symbolic deposit intended to show a level of seriousness to the seller. The most common amount for this deposit is $1,000. The additional deposit is usually a percentage of the sale, between 5% and 10% of the sales price. Deposits are typically held in an escrow account of either the title company, the attorney, or the real estate agency.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Sale Deposits
Sale deposits in the Long Beach Island real estate market are intended to secure a deal and financially commit a buyer to a property. The rules governing the deposit and how a buyer or seller may claim the deposit in the event of a breach of contract will vary significantly from transaction to transaction. Understanding the deposit rules is one of the most compelling reasons to engage an attorney for your LBI real estate transaction. The deposit, which is usually held in the title company or attorney’s trust account, will be applied to the closing’s final sales price. Deposits are also commonplace in the Long Beach Island rental market. A deposit is held by the homeowner or by the local real estate agency in the rental market. Side note, a deposit should never be held by the real estate AGENT. If an agent offers to hold a deposit, that is a red flag! Deposits should only be held in the real estate agency’s trust account if not being held by the title company or attorney.
Deposits in the Long Beach Island NJ Real Estate Market
Understanding the rules governing deposits is one of many reasons an attorney should be employed for any LBI real estate transaction. Every deal is different, and the laws governing certain aspects of the transaction can significantly impact a buyer or seller’s rights. LBI real estate sales deposits are usually large sums of money and should be safeguarded. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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