Part 5*: How much is the Downpayment and Balance Due at Closing in a Residential Contract of Sale in New York?

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.

For questions about residential real estate law, or general information about our firm, please contact us at (914) 338-8050 or send an e-mail to We look forward to hearing from you.

Betensky Law PLLC
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