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-