Initial Deposit Be prepared to write a deposit check when making a contract offer to purchase real estate. Commonly referred to as a Binder, more commonly known as the initial deposit, this is the check made out to the Selling Real Estate Office when submitting a contract offer. In simple terms, it is a good faith deposit to express interest in purchasing real estate. What is the required amount of a binder deposit? There is no law as to a required amount, but local real estate practices may determine what is acceptable.

Andrea Goode-James , 44, Roxbury, Massachusetts, a closing attorney, was convicted in federal court of mortgage fraud for pocketing more than $1 million in proceeds of loan closing transactions. Goode-James pled guilty before U.S. District Judge Douglas P. Woodlock to one count of mail fraud and three counts of wire fraud, all arising out of her scheme to defraud various mortgage lenders, a title insurance company and innocent homeowners.