July 31, 2026
You typically need about 10% of the purchase price as your earnest money deposit to buy a house in Staten Island or Brooklyn in 2026, which is far more than the 1% to 3% that is common in most of the United States. In New York City, the deposit is paid when you sign the contract of sale and is held in the seller's attorney's escrow account until closing. On a home at the Staten Island median of about $734,000, a 10% deposit is roughly $73,000, so buyers need those funds liquid and ready before they sign. The rule is the same in both boroughs, though Brooklyn co-op and condo contracts and Staten Island house contracts each have their own wrinkles. Joseph Ranola, Team Leader of the Bridge and Boro Team at Real Broker LLC, has closed $40M+ across Staten Island and Brooklyn and makes sure buyers know exactly what deposit to have ready and how it is protected.
On Staten Island, most purchases are single-family, semi-attached, or two-family houses, and the 10% contract deposit sits inside a relatively straightforward house contract. The key contingencies are usually the home inspection and the mortgage contingency, and the deposit is due at contract signing after your attorney approves the paperwork. With the borough median near $734,000 in 2026 and homes selling in roughly 40 to 50 days, buyers should have their roughly $73,000 deposit liquid and documented before they start writing offers. Joseph Ranola makes sure Staten Island buyers are contract-ready so they are not scrambling for funds when the right house appears.
In Brooklyn, the 10% deposit norm holds, but the property mix leans more toward co-ops, condos, and multi-family brownstones, and each adds a layer. A co-op requires board approval and can set its own down-payment and reserve requirements after the contract is signed, a condo is more flexible but still involves building review, and a multi-family brownstone often comes down to income and financing. In every case the deposit goes into the seller's attorney escrow at contract. Joseph Ranola walks Brooklyn buyers through the board package and building rules so the deposit and the approval process move together.
In both Staten Island and Brooklyn, the standard earnest money or contract deposit is about 10% of the purchase price, which is much higher than the 1% to 3% that is typical in most of the country. On a $734,000 Staten Island home that is roughly $73,000, and on a $900,000 Brooklyn home it is about $90,000. The exact figure is negotiable and is written into the contract of sale, but 10% is the customary New York City expectation. Joseph Ranola helps buyers in both boroughs plan for the deposit well before they are ready to sign.
In New York City you pay the earnest money deposit when you sign the contract of sale, which happens after your offer is accepted and after your attorney reviews and approves the contract, not at the moment your offer is accepted. That is different from many parts of the country where a small deposit goes down almost immediately. Because contract signing can come within a week or two of an accepted offer, buyers in Staten Island and Brooklyn need the deposit liquid and ready. Joseph Ranola and your attorney coordinate the timing so nothing catches you off guard.
Your earnest money in Staten Island and Brooklyn is held in the seller's attorney's escrow account, a regulated account separate from anyone's personal funds, and it is credited toward your down payment at closing. You can lose the deposit if you breach the contract without a valid contingency, for example by simply walking away after signing, but you are generally protected if you back out under a properly written mortgage contingency, inspection contingency, or other agreed clause. Joseph Ranola works with your attorney to build the right protections into the contract so your deposit is defended.
The 10% deposit norm applies to both a Brooklyn co-op and a Staten Island house, but the surrounding process differs. A Brooklyn co-op purchase adds a board application and board approval after contract signing, and the building can have its own financial requirements, while a Staten Island single- or two-family house contract is more straightforward and often centers on inspection and the mortgage contingency. In both cases the deposit is due at contract and held in escrow. Joseph Ranola guides buyers through whichever path applies and makes sure the deposit and contingencies fit the property type.
A strong, well-documented earnest money deposit signals to a seller that you are serious and financially ready, which matters in a 2026 market where Staten Island inventory is down about 29% year over year and the 30-year mortgage rate sits near 6.66%. When multiple buyers compete for the same home, a seller often favors the offer that looks most certain to close, and a healthy deposit backed by proof of funds is part of that certainty. Joseph Ranola structures offers so the deposit, the pre-approval, and the terms work together to make a buyer stand out without overpaying.
Read more on the buyers page, compare boroughs with the Staten Island vs Brooklyn buying guide, estimate your number with the free home valuation tool, or work with Joseph Ranola.
Joseph Ranola and the Bridge and Boro Team have closed $40M+ across both boroughs, backed by 87+ five-star Google reviews. Let’s make sure your deposit and offer are ready to win.
Text or call (917) 905-2541 • joe@bridgeandboro.com
Text or call Joseph anytime. No pressure, just straight answers.