Found 1 blog entry tagged as buying a home.

by Jenn Heller

That house you've been eyeing? Well, it's officially labeled as "under contract" now. But don't toss in the towel just yet—there might still be a glimmer of hope.

So, what's this "under contract" business all about? Gwinn Volen with The Volen Group says, "When a home goes under contract, it means the seller and buyer have shaken hands on a deal. They've both signed on the dotted line, and the buyer has paid a binder deposit."

This binder deposit is usually required within three days of agreement and will become non-refundable to the buyer once contingencies to the contract have expired. The binder deposit is usually 2 to 3% of the home's price. This money later gets deducted from your final amount due at closing.

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