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Deposit

The deposit is the amount of money specified in the sale and purchase agreement to signify the acceptance of the contract. It is paid by the purchaser to the vendor of the property. It is usually payable either on the agreement of both parties to the contract or when the contract becomes unconditional. There is no legally required amount for the deposit it maybe as small as $1. Real estate agents often push for a 10% deposit since this allows their commission to be paid out of the deposit.