The 10% contract deposit is the New York standard and serves as liquidated damages - if the buyer walks away without legal justification, you keep the entire deposit as compensation for time off-market. A buyer who commits 10% upfront has significant skin in the game, dramatically reducing the risk of frivolous deal termination. Never accept less than the standard deposit without a compelling strategic reason.
From the seller playbook: The Clean Offer
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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