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In this tutorial, Chris from Hauseit, based in Miami, discusses the differences between initial and additional deposits in Florida's real estate contracts, particularly for New Yorkers submitting offers. Unlike New York, which typically requires a single contract deposit (around 10%) sent with the signed contract, Florida often involves two separate deposits. The standard Florida purchase contract includes a section for an initial deposit, which can accompany the offer or be delivered within three days of the contract's effective date. This distinction is important for buyers to understand in the Florida market.
