Under the REISA standard contract in SA, what is the typical deposit amount for a residential property sale?
Correct Answer
B) The deposit is negotiable between the parties but is commonly around 10% of the purchase price
There is no legislated deposit amount in SA. The deposit is negotiable between the parties, though 10% of the purchase price is commonly used in the REISA standard contract. A smaller initial deposit with the balance paid later is also common.
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