Final answer:
A salesperson must include a clause for an additional deposit in a real estate contract, specifying the amount, the recipient, payment method, and timeline. Escrow plays a key role in handling this deposit, providing security for both parties. Additionally, warranties and service contracts offer buyers further protection and assurance after purchase.
Step-by-step explanation:
To ensure the successful completion of a real estate transaction, a salesperson may need to include a specific clause in the purchase agreement detailing the requirements for an additional deposit by the buyer. This is true; the additional clauses should clearly specify the amount of the deposit, who will receive it (typically held in escrow), the form of payment, and the exact timeline for making this payment.
Understanding how escrow works is essential in real estate dealings. When a buyer makes a deposit in escrow, a neutral third party holds the funds and disburses them to the seller only after certain conditions are met. Additionally, escrow accounts can be used to simplify the payment of home insurance and property taxes as part of monthly mortgage payments.
It should also be noted that sellers may offer various additional assurances, such as a warranty or a service contract, to provide support after the sale. These options are particularly common with large purchases, including real estate, and offer added peace of mind to the buyer by ensuring that any issues within the specified period are addressed by the seller.