help

what type of contridicting info? and is it a coop or a condo?

the deposit amount prob depends on the contract terms, which your atty should explain to you.

It's a coop (sponsor unit).

My attorney is telling me I have to give the full down payment at contract but I've been advised by other to only give $5K-$10K at contract and the rest at signing. How much do I have to give at contract?

I recall having to pay 10% at contract but that the seller didn't actually cash it until after closing. If the other party does not sign for some reason (i.e., deal does not go through), you will get your check back.

who else is advising you on only giving $5k-$10k? the agent?

I believe the contract should spell out what exactly is required and your atty - if he/she is any good - should advise you accordingly. Don't believe anything the agent says...they're only out for their own interests. giving less deposint might sound appealing but it may come back to bite you.

The my mortgage broker, family and I did consult another lawyer today who advised me that I shouldn't give my full 10% ($20k +).

What are my rights when I comes to my current attorney?

did your atty have you sign a retainer? you could prob just hire another atty...may delay the process a bit and you may already have to still pay your old atty (depends on retainer agreement).

what was the rationale for giving less than 10%? i'm wondering because I've never heard that before...

Nothing has been signed yet; only verbal.

Just incase something happens.

you have to give the full 10% I did It

I dont know who is your friend but he sounds like he has no idea Is your family from NYC?

Welcome to New York

If not but a house in the south for 10k

We closed on a coop last month, had to pay 10% down before the seller delivered
a fully executed contract of sale. Until that document is signed you have nothing.
Anyone can still buy the property. Our attorney fees ($2000) were deducted at closing.

Please ask your attorney about getting your deposit back if something happens. If we had not followed through with our purchase we would have had to forfit our 10% deposit to the seller.

Check out this website for complete Manhattan buying info:

http://www.buyandremodelnewyork.com/buying.htm

Was your total down payment more than 10%? How long did it take to close once the contract was signed?

In response to the above question. A the parties who were giving me this information were from NYC including the lawyer and mortgage broker.

You said you were advised not to give the full 10% 'just in case something happens'. Again, the contract should spell out the terms for holding the deposit and your attorney should make sure your interests are protected so that you get your 10% back 'just in case something happens'. As far as I know, 10% is standard contract deposit in NYC. And when you pay it the seller's atty holds it in an escrow acct until closing.

If the deal falls through for reasons other than your own doing (i.e. coop board rejects you because they don't like your hairdo, appraisal comes in under value and your contract doesn't have a no mortgage contingency) you should get your deposit back.

I get the sense that your mortgage broker, family & other atty feel there's something fishy about this deal. Or for some reason they don't trust your atty. Is that so?

Agree with above poster. This is how it normally works in NYC. Haven't heard of paying a portion of the downpayment at the time of signing contract. 10% is the norm.