Once you have an accepted contract for the New Orleans home you love, the first thing you have to do is ante up the deposit. Here are the most common questions about the deposit.
How much is the deposit?
It’s negotiable. Bank on it being 1% of the purchase price of the home.
Where does the deposit go?
It goes into an non-interest bearing account that is typically held by the listing brokerage. Sometimes the title company holds it. In rare circumstances, the buyer’s real estate company will hold it.
What happens to the deposit?
If you move forward buying this particular New Orleans home, then it will be applied to your closing costs. Maybe you decide this isn’t the house for you, you get the deposit back as long as it’s still during your inspection period. If you try to back out after the inspection period, the seller gets to keep the deposit. There are other repercussions of this too.
Can I write a check?
Sometimes. Some companies allow personal checks. Others want certified funds or it to be wired. I will let you know which this company prefers.
As your New Orleans real estate agent, I make a priority that you don’t default on your end of the contract so that you won’t lose your deposit.
Let’s chat about buying your New Orleans home.