Customary Land Purchase Terms

[John Cusick]

In a commercial land purchase transaction in Northern California with the value of under $10M, what is customary for the terms below?

- earnest money deposit - is 3%, 5%, 7% or higher customary?

- duration of the non-financing contingencies period?

- duration of the financing contingency period?

- if Buyer wants to extend the contingencies period, what is customary for Buyer to pay for a 30-day or 45-day extension?

Many thanks for all substative input!