The deposit is the amount paid by the purchaser to the seller as earnest money. Its amount varies, being usually from 5 per cent to 10 per cent of the price. This deposit is forfeited to the seller if the purchaser defaults in carrying out the contract. Its amount is, therefore, always an important question to be agreed upon by the parties, and is regulated by various considerations. Their confidence in each other may reduce it. A long time between the date of the contract and the date agreed on for the closing of title should increase it, for during this period the property is really the purchaser's and the seller cannot seek other sale for it. The deposit should be large enough to compensate the seller for any commission which he must pay on the sale and to make it worthwhile for the purchaser to complete his contract, even if he repent of his bargain. The seller should also endeavor to have a large enough deposit so that the balance to be paid is less than the property's value, so that in event of the purchaser's default he has made some profit on the deposit alone. The purchaser naturally having nothing till delivery of the deed is anxious to make as small a deposit as possible. The payment of the deposit is acknowledged in the contract; no separate receipt is necessary. Payment of the deposit is usually by check and not usually certified. Title does not pass and if the check should be unpaid the contract could be avoided by the seller. However, if the seller is making a very good bargain and does not wish to lose the sale, he may insist upon receiving the deposit in cash or certified check.