In a commercial land purchase transaction in Northern California with the value of under $10M, what is customary for the terms below?
- earnest money deposit - is 3%, 5%, 7% or higher customary?
- duration of the non-financing contingencies period?
- duration of the financing contingency period?
- if Buyer wants to extend the contingencies period, what is customary for Buyer to pay for a 30-day or 45-day extension?
Many thanks for all substative input!
As these types of loans are so custom. Find a local land broker to assist. I have a expert land broker to refer.