Preparing the Contract of Sale
A Real Estate Attorney will Prepare the Contract
It is customary in New York City for buyers and sellers to engage a New York real estate attorney for the transaction. While it is less customary in Florida, our clients always engage a Florida real estate attorney for their transactions. We always advise our buyers and seller to have legal representation in every transaction so they are well protected throughout the process.
We have many attorneys that we work with in both Manhattan and Miami, so we can connect you with very competent attorneys to represent you in the transaction. We suggest staying away from the big law firms, as they may charge tons of money to have one of their paralegals do a simple closing.
Once you have come to terms with a buyer, your attorney will begin preparing a contract of sale. After the buyer’s lawyer concludes that the building’s financial condition is satisfactory, and that the by-laws of the building and contract of sale are acceptable, the buyer’s attorney will allow the buyer to sign the contract.
Buyer’s Deposit Will be Held in Escrow by Seller’s Attorney
When the buyer signs the contract, he or she will also be required to present a deposit of 10% of the purchase price. The contract plus the deposit will then be forwarded to your attorney for signing. The deposit will be held in your attorney’s escrow account until closing.
It is important to note that until the contract has been delivered and signed by all parties, you can still entertain and accept other offers.
If financing, the buyer should move forward with his or her loan application. It is advised that the buyer pre-qualify for a mortgage prior to beginning the housing search.
THE NEXT STEP IS THE BOARD PACKAGE.