In Texas actual property transactions, a great religion deposit, sometimes made by the customer to the vendor upon accepting a suggestion, demonstrates dedication to the acquisition. This layer, held in escrow till closing, is credited towards the customer’s down cost and shutting prices. For example, a deposit of 1% on a $300,000 house can be $3,000. The exact quantity is not legally mandated however sometimes ranges from 1% to 2% of the acquisition value.
This apply gives sellers with assurance towards purchaser default and provides a level of economic safety if the transaction falls by means of as a result of buyer-related points outlined within the contract. Traditionally, this custom has served as a logo of fine religion, signifying a critical intent to buy. The quantity can sign the customer’s stage of dedication to the vendor and may strengthen a suggestion in aggressive markets.
