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[Music] foreign my name is Brad Ari Fisher also known as the New York City broker today Im going to share some tips with you discussing a home buyers guide to deposit earnest money and down payment what do home buyers need to know about deposit and earnest money when you are signing a contract to purchase property in New York City you need to put down a certain amount of money out of your own pocket this money is called the deposit or an initial deposit its also called earnest money because it shows that you are committed to buying the property and the seller doesnt need to look for other buyers in some cases its also called a contract deposit so how much is the deposit or earnest money in New York City the standard amount of deposit in New York City when you sign the contract is 10 of the purchase price so for example for a 1.5 million dollar property that would be 150 000. in most cases you the buyer will transfer the deposit into an escrow account held by the sellers attorney