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Reply: 1.1.1.1 From: Joanna K Honestly Trade, no magic mathematical formula used. I could be wrong, but my husband said that 1% is fairly standard. The owner liked the idea simple because we didn't try and screw him on price. I guess we were lucky as the vendor was fairly open to any...

Reply: 1.1 From: Joanna K We have recently purchased a block of land on a 12 month + 3 month option and the option fee we paid was 1% of the purchase price, which will be deducted off the purchase price upon settlement. If we decide not to excersise our option, the vendor keeps the 1% for...