Question on deposits from cash buyer
When assigning a contract to a cash buyer, I assume the cash buyer will put up a deposit. I have a few questions about this process. Let me illustrate an example:
I (the wholesaler) go under contract for a property and put down a $5,000 deposit. I have a 10-day inspection period. On day 5, I reach an agreement with a cash buyer and we execute an assignment of contract. I request a deposit of $5,000 from the cash buyer. My questions below:
1. Who does the cash buyer make the deposit to? To the escrow company or to myself directly? I assume the escrow company but wanted to confirm.
2. How long should I give the cash buyer to make the deposit? 1 day, 3 days, 3 business days. What is typical?
3. If the cash buyer makes the deposit immediately, the escrow company will now have $10,000 in deposits. Will my $5,000 deposit be refunded back to me immediately? Or do I receive it back at closing?
4. Should the cash buyer's deposit be refundable or non-refundable? I assume their deposit will be refundable through the 10-day inspection period, just as mine was. I see a lot of wholesaler ads asking for non-refundable deposits, which is why I am wondering.
5. Does the cash buyer's deposit have to be the same as mine? Or can it be greater? In this example, can I ask for a $10,000 deposit?
I know this a bunch of questions but I cannot find any online sources that explain this so any insight would be very helpful. Thank you!