Yes, in the conventional brokerage world a 10% deposit is required. We only require a 5% deposit for our Sales Plans.
The purpose of the deposit is to cover any costs that may be incurred during the sea trial/survey process which a buyer may fail to pay if they decide to not buy the boat. A perfect example is having the boat hauled out to examine the bottom, finding blisters, and deciding not to buy the boat. Some buyers will actually walk away from the survey right then and there with complete disregard to paying for the haulout. The money to pay for the haulout would be deducted from the deposit and the balance returned to the buyer.
There is a chance the broker will accept a lesser deposit, but most won't.
