Where to Hold the Down Payment When Buying Property in NYC?
Hello everyone
When buying a property in New York City, clients often have different questions about the down payment.
First Question: How Much is the Down Payment?
In most cases, the down payment is 10% of the purchase price.
We have also seen around 20%, but usually, it is around 10% or 15%.
Second Question: Where is the Buyer’s Down Payment Held?
Many buyers ask: “Is the down payment held in my buyer’s attorney’s account?”
Actually, no.
So, where is it usually held?
It is usually held in the seller’s attorney’s escrow account.
If it were placed in the buyer’s attorney’s account or the title company selected by the buyer, the seller’s benefit would not be guaranteed.
After all, the buyer’s attorney and the buyer’s title company represent the buyer’s interests.
What if the Seller Runs Off with the Money?
Some buyers worry: “What if the seller runs away with the down payment?”
That’s why the usual practice is to place the down payment in the seller’s attorney’s escrow account, because:
Attorney escrow accounts are regulated by the Bar Association
This makes the transaction relatively safe
This is also a typical procedure in real estate transactions in New York City.
If you are considering buying property in New York, feel free to reach out to us!
📌 Follow Zeng Law Group, PLLC in New York—so you won’t be left without options!
大家好
在纽约市购买房产时，客户经常会有关于首付款的不同问题。
第一个问题：首付款是多少？
一般情况下，首付款是购房金额的 10%。
我们也见过20%左右的比例，但通常来说，首付款是10% 或 15% 左右。
第二个问题：买家的首付款存放在哪里？
很多买家会问：“买家的首付款是存放在买家律师的账户里吗？”
其实不是的。
那么首付款通常存放在哪里？
它一般会存放在卖家律师的监管账户（Escrow Account）。
因为如果存放在买家律师的账户或买家选定的产权公司账户，那么卖家的利益无法得到保障。
毕竟，买家律师和买家的产权公司是代表买家的利益。
如果放在卖家的账户，会不会有风险？
有买家会担心：“如果卖家跑了怎么办？”
所以，通常的做法是将首付款存放在卖家律师的监管账户，因为：
律师账户受律师协会（Bar Association）监管
这使得交易相对更安全
这也是纽约市房产买卖的一个普遍做法。
如果你想在纽约买房，欢迎和我们聊聊！
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Email: info@zenglawgroup.com
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Phone: 917-810-5388
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