Depending on the contract, the downpayment on a residential contract of sale in New York be in the form of a personal check. In some cases, the contract may require a certified/cashier’s check. If a personal check is returned for insufficient funds, the contract may allow the Seller to cancel the contract if the purchaser does not deliver funds within a specified period.
*Thank you for taking the time to read this article. This article is part of our “From Contract to Closing; Demystifying NY Residential Real Estate” Series. Other aspects of residential real estate transactions in New York are discussed in other Parts of this series.
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