The deposit is generally 10% of the purchase price. However, it
can be any amount agreed by you and the buyer.  It is usually
paid on the exchange of contracts, or when you sign the
contract, if you sell at auction.  Where is the deposit held?
Your agent, solicitor or conveyancer will usually hold it.  Talk
to your adviser about what happens to the interest on this
money.  How is the deposit released? Normally it is released at
settlement.  If you want to put the deposit towards purchasing
another property, you can ask the buyer to release the deposit
before settlement. Talk to your advisor about this.  How long to
insure? You should make sure your insurance continues until
settlement. The buyer may take out their own insurance when
contracts are exchanged, but this doesn't mean that you should
cancel your insurance.  Don't rely on the buyer to insure your
home. Get advice about this from the lawyer/conveyancer.  Last
Updated – April 2010