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Generally, the seller's attorney creates the contract for the sale of the property. You can depend on our legal team to prepare this contract for you. The contract, which is discussed by both attorneys or real estate agents, must be agreed upon by both parties.
Once the buyer's attorney reviews the contract, and all is in agreement, the contract and rider come back to the seller's attorney along with a check for the down payment. The seller's review the contract and, if everyone agrees to the terms, or any proposed changes, the contract is signed by the seller and returned to the buyer's attorney. At this point, the contract is fully executed.
The down payment is held by the seller's attorney in an Attorney Trust Account in escrow. This is not the property of the attorney or the seller just yet. Any interest earned on the deposit of the down payment goes to the State of New York IOLA Fund, the New York State Interest on Lawyer Account Fund (IOLA), which helps low income people in the state with civil legal problems related to food, shelter and health care.
As complex as real estate transactions are, having an experienced attorney by your side can help you to have peace of mind through this legal process.
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