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.
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.