Contract Signing

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In New York

Upon signing of the contract, which is usually no more than 10 days after the offer is accepted, the buyer must submit a deposit of 10% of the purchase price to the seller’s attorney. The deposit is held in escrow, usually by the seller’s attorney, until the closing.

In Florida

The 10% deposit is only refundable in certain instances, such as those under a mortgage contingency clause where the buyer’s loan application has been rejected by the bank.

 

IF THE BUYER IS OBTAINING A MORTGAGE, THEN THE NEXT STEP IS OBTAINING A  MORTGAGE COMMITMENT LETTER.

OTHERWISE, THE NEXT STEP IS BOARD APPROVAL.