Norwalk, CA · Member since 2017 · 3 posts · 1 vote
So I have only invested in CA and we are not required to use a real estate Lawyer. I am branching out and buying a property in NY where a Lawyer is required. I just got my offer accepted on a property in New York and in the contract it asks that I pay the entire down payment directly to the lawyer (not to escrow). Is this standard? Thanks so much for any feed back, as I'm not local I just want to make sure someone isn't going to be walking away with the deposit.
Poughkeepsie, NY · Member since 2017 · 44 posts · 25 votes
8y
Hi James. That is standard practice here in NY. The buyer gives the deposit to his attorney when he signs the contract and it is sent to the sellers attorney with the buyer-signed contract. The sellers attorney will hold it until closing. Where are you buying? I have a few good attorneys in upstate NY (Poughkeepsie area)
Norwalk, CA · Member since 2017 · 3 posts · 1 vote
8y
Matt, Thank you very much, this puts my mind at ease. The house we are buying is in Rockland County. I will keep you in mind if I'm looking for anything in your area.
Developer · Miami, FL · Member since 2017 · 25 posts · 15 votes
8y
As mentioned by Matt this is typical practice. Frankly the attorney and mortgage brokers handle the entire transaction for you until they need you (signatures, checks, etc). Makes the process super easy (usually).