The purpose of a deposit is both to act as consideration for the deal, as well as to bind the buyer to the contract. It provides security to the seller that the deal will in fact close as agreed in the contract. To ensure a level playing field in On The Block’s auctions, it is absolutely imperative that all bidders are bound to the same deposit, and it isn’t left to their discretion.
Rather than an arbitrary deposit amount for a property, every property listed for auction at On The Block has a predetermined deposit. This amount is clearly displayed on the property page, and also referenced in the terms of the auction. Be aware that the deposit is due to the property's listing brokerage within one business day of the auction close and subsequent purchase documentation signing.