| Signing the contract In New York City, both the Buyer and Seller are represented by a Lawyer. The seller’s lawyer issues a contract to the buyer’s lawyer, along with all necessary documents pertaining to the building’s financials, meeting minutes, by-laws and legal structure. The buyer’s lawyer reviews all this material and both lawyers negotiate any changes to the contract. Once the buyer’s lawyer is comfortable with the contract, the buyer meets to sign the contract and issue a 10% deposit check which is held in the seller’s attorney’s escrow account until closing. Once the signed contract is received with the 10% deposit, the seller signs too, thus fully executing the contract. Contingencies in the contract can include Financing, Board Approval, Closing dates, etc. The quicker you sign the contract, the better your chances of 'securing' the purchase. Thereafter, your attorney will deliver one original to you and one to your mortgage broker/bank. Transfer of ownership, however, only takes place upon closing. |
