All real estate purchases in Miami are sealed with a good faith deposit, showing that the buyer is indeed interested in the property. Do you know the amount the deposit should be?
For those who fell in love with a property in Miami and now want to buy it, the first step is to send an offer and with a deposit. To accept a proposal, the seller will want to see that the buyer’s intentions are serious. For this, he will want to see a substantial deposit and proof of funds or capability to pay for the property.
On the other hand, the buyer will want to make the deposit as little as possible, to gather all the funds for the closing. The total amount of the deposit can vary. Sometimes, a buyer can make a deposit as small as 10% of the value of the property, and then, after an inspection by a licensed company, make a second deposit, this time a little heftier, agreed upon at contract.
If the property is being financed, banks today are requiring that foreigners make a deposit of 30-35% of the value of the property. The deposit always remains in escrow, at a neutral account, with a real estate company, attorney, or title company, until the closing day, just in case the sale is not executed.
If the seller wants to sell, and the buyer wants to buy, and both accepted the terms of the contract, why wouldn’t the sale be executed? Sometimes the buyer couldn’t secure financing. Or there was a problem with the property that couldn’t be corrected in time, and they were unable to resolve it within the time stipulated in the contract.
This is why it is important to choose a real estate professional that you trust, that is licensed, and qualified to give you all the support you need to find the property of your dreams.
Let’s talk about it. At ALM, we have wonderful options for you. Now, also offering concièrge services. Buy and sell with confidence.