Property Transaction Deposit Guidance

Summary

In property transactions, a 10% deposit is common, with the remaining 90% held in escrow until completion. This ensures protection for both parties. Paying 90% upfront is unusual. Escrow involves a neutral third party holding funds until conditions are met. Consult your attorney for specific terms and guidance.

Full Conversation

Do I need to pay *% upfront before my travel to US?
In a property transaction, it's standard to place a portion of the purchase price in escrow to ensure both parties are protected. Paying *% upfront is uncommon. Typically, a deposit (like *%) is placed in escrow until the transaction is completed. It's best to consult your attorney to clarify the terms.
Do you have any other concerns about the transaction?
**** What does this mean?
Sure, I can help explain this.
- *% deposit: This is an initial payment you make to secure the property.
- Escrow: A neutral third party holds the remaining *% of the payment until you arrive in the United States and the transaction is completed.
Do you have any concerns about this process?