Purchase, P&S Deposit, Boston, MA
Hi BPer,
During the purchase and offer phase, there are two deposits.
- Deposit 1: During the "Contract to Offer", in which is usually $1,000
- Deposit 2: During the "P&S Agreement" ??
For deposi2t, is there a standard or requirement on how much percentage that should be for both residential and commercial apartment.
I have experienced it with:
"Residential", Deposit 2 is around 4-5%.
"Commercial", Deposit 2 is around 9-10%
I don't really know why Deposit 2 for commercial building is so high. I don't have a problem with the deposit, but I just want to put in as little as possible in case if there is something going wrong.
Does anyone know of the requirement or standard for "Deposit 2"?
Thanks,
-Chan-