DEPOSIT
A sum of money to accompany an offer as evidence of good faith on the part of the buyer. It is paid in to escrow if the offer is accepted, returned to buyer if offer is declined.
This money is at risk, meaning that buyer will forfeit the deposit if the contract is cancelled by buyer for other than one of the permitted reasons.
Usually the seller asks for a deposit somewhere between $500 and $3,000. The buyer is free to offer any deposit he wishes but the best way to get your offer accepted is to offer what the seller is requesting.
Jim Forsyth. College Realty Inc. GMAC Real Estate. 14767 Bear Valley Road, Hesperia, CA, 92345