I have an offer on my property in Winnipeg, Manitoba. My sale price is $305,000 with a 6 month possession. How much of a deposit should my lawyer be holding from the buyer in order to make sure I am reasonably protected?

Any input from real estate agents and lawyers is appreciated

You're the owner? the higher, the better...:-)

If it is cash deal 10% and regular deal 3%!

You should probably ask your lawyer what the standard is in your specific area. Here in Ontario, Toronto does large deposits but in my rural area the norm is $500-1000.

The amount of the deposit doesn't mean squat if the buyer has a bunch of contingencies to back out with. The bottom line is you will never see a cent of that money.

I would much rather see 3,000 non-refundable earnest money applied to the purchase price at closing then 20,000 refundable with a bunch of contingencies.

It's not about the size of the deposit but whether you the seller will be compensated for your time. If they don't want to put up hard money that is guaranteed insert a clause of the "the right to continued marketing for sale"

This way if the buyer closes it's a bonus but if not you haven't been tied up. If another buyer come along the current buyers can match the offer or make their earnest money non-refundable. Many options and that is what your attorney is for.

Good Luck-no legal advice

Six months to close is an eternity in this business. Get at least 1 or 2% non refundable. It will cost you that much to hold the property for another six months.

what is the reason for the 6 month to close date?

My house isnt ready (building). I'm confused, some people are telling me the $5000 I got from the buyer is enough, but others are saying I should have received at least $20,000. I'm sure the buyer will close on the deal, but a few friends have said it doesn't matter, with a close that long I should have more.

Its all negotiable. If I represent the buyer, I want as little as possible put down, if I represent the seller I want as much as I can get. Where I come from a valid contract only needs consideration, consideration is not defined. It can be 1 dollar, it can be 50K. There is no answer.

My rule in this price range is:

$1,000 first/earnest deposit
Second deposit: 10% of the sale price, minus the first deposit.

Just because someone put a deposit on your house doesn't mean a thing. If the buyer can back out for whatever reason, regardless of the size of the deposit, they get their money back. Of course of there's a contingency in the contract.

Definitely non-refundable. The buyer is then "pot committed", more likely to follow through because they have already contributed.