In New York, purchasers typically deliver a 10% downpayment at contract signing. The balance is paid at closing. In some cases, the Purchaser will put down less than 10% at contract signing and then increase the downpayment within a specified time period. The balance at closing may be paid by the Purchaser or split between the purchaser and their lender. Generally speaking, all checks in excess of $500 must be cashier checks.
*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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