In NYC, 10% of the purchase price at contract signing is standard. Require it deposited within 3-5 business days of contract execution, held in escrow by your attorney. A larger deposit signals buyer seriousness and creates meaningful financial consequences for walking away. If a buyer resists the 10% standard, treat it as a red flag about their financial capacity or commitment level.
This article provides general educational information only. It is not legal, tax, financial, insurance, compliance, housing, brokerage, or professional advice. Rules, tax rates, obligations, enforcement practices, and market conditions vary by property, building, contract, municipality, and jurisdiction, and they change. Sellers should consult a qualified attorney, CPA, or other appropriate professional before making decisions based on their specific situation.
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This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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