After the offer to purchase or binder is entered into, the next step is for the Seller’s attorney to draft a formal contract of sale. This contract is sent to the Buyer’s attorney. It describes the property and contains the necessary terms of sale in order to provide a valid and enforceable contract. Moreover, the Buyer is normally required to pay further deposit monies at the signing of the contract. A total of ten percent of the purchase price is the standard down payment.