Deposit

The part of the purchase price — customarily 10%, often negotiable — paid by the buyer at exchange of contracts as security for completing the purchase. Usually held in trust by the agent or vendor...

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Verified facts

• referenceDefinition: {"term":"Deposit","definition":"The part of the purchase price — customarily 10%, often negotiable — paid by the buyer at exchange of contracts as security for completing the purchase. Usually held in trust by the agent or vendor's representative until settlement. If the buyer withdraws during a cooling-off period they forfeit 0.25% of the price; failing to complete after an unconditional exchange can forfeit the full deposit.","primarySource":"https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/contracts-and-deposits"}