Helpful Information to Assist You
In Buying or Selling a Home



You have come to an agreement,
You have an acceptable offer!
What happens next?

1. If you have not already done so, it is time t o retain an attorney to represent you.

2. A memorandum of the agreement should be sent by the listing broker to the seller, the seller’s attorney and to you and your attorney.

3. Once you have completed your engineering inspection on the property (unless it has been agreed that the inspections will take place after the contract has been signed), the seller’s attorney will prepare the contract of sale and send it to your attorney..

4. After review of the contract, your attorney will discuss modifications, if any, with the seller’s attorney.

5. When ready, your attorney will advise you to sign the contract and provide the down payment specified in the contract. The signed contract and down payment check will be sent back to the seller’s attorney.
Note: The customary down payment is 10% of the purchase price. It is usually held in the seller’s attorney’s escrow account until the closing.

6. Once the seller also signs the contract, his attorney will return a fully executed copy to your attorney.

7. Any contingencies that remain in the contract will need to be finalized at this time. This includes your financing or performing any further inspections.


No one is bound to the agreement until contracts are signed, fully executed, and delivered to both buyer and seller.


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Please be aware that this information has been compiled from a variety of sources. It is meant to be used as a guideline.

If you still have questions, please contact us by email or by calling 845-897-8600. We're always happy to help.

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