Who Typically Holds The Contract Deposit in Escrow for a Real Estate Transaction in New York?

Chris at Hauseit (https://www.hauseit.com) goes over which party typically holds onto the buyer's contract deposit in an escrow account for a real estate purchase transaction in New York.

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.
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Who typically holds the contract deposit and escrow for a real estate transaction in New York? The contract deposit is typically held in escrow by the seller's attorney. Typically, the buyer's attorney will send the signed contract by the purchaser to the seller's attorney and concurrently the buyer's attorney will also send either via courier or certified check or more typically a wire the buyer's contract deposit to the seller's attorney's escrow account.

As you can imagine, the seller will be more comfortable if his or her own attorney acts as the escrow agent and holds onto the funds in case the buyer defaults on the contract.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.

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