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BabyBeans
LIF Adult
Member since 3/07 930 total posts
Name:
Melissa
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downpayment check
just out of curiousity when do they normally cash it? after the seller signs the contract & my attorney recieves it.........(i signed tuesday )
Message edited 5/17/2007 6:21:52 PM.
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Posted 5/17/07 6:20 PM  |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: downpayment check
wait, i'm confused...after your attorney receives what? you should have left the DP check with your attorney when you signed and that check accompanies the contracts to the sellers attorney. once the sellers sign, your check is deposited into an escrow account.
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| Posted 5/17/07 6:27 PM |
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NJmom
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Member since 8/05 4987 total posts
Name:
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Re: downpayment check
i didn't give my check until after all of the contracts were signed. The check went to the seller's attorney's trust account and was cashed right away.
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| Posted 5/17/07 7:11 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: downpayment check
Posted by BabyInMarch
i didn't give my check until after all of the contracts were signed. The check went to the seller's attorney's trust account and was cashed right away.
This is not usually how it is done. Usually the check is written when the contracts are signed by the buyer and the buyer's attorney sends four contracts with the deposit check. The check is deposit only after the seller's have signed the contract.
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| Posted 5/17/07 7:18 PM |
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NJmom
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Member since 8/05 4987 total posts
Name:
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Re: downpayment check
Posted by csorisi
Posted by BabyInMarch
i didn't give my check until after all of the contracts were signed. The check went to the seller's attorney's trust account and was cashed right away.
This is not usually how it is done. Usually the check is written when the contracts are signed by the buyer and the buyer's attorney sends four contracts with the deposit check. The check is deposit only after the seller's have signed the contract.
Sorry if I'm giving wrong information. It might be because I'm in NJ and it seems they do things differently here. In NJ you don't even get your inspection until after the contracts are signed (with a clause in there that lets you back out if something is found during inspection). This was how it was done both times I have bought in NJ. 
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| Posted 5/17/07 7:25 PM |
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Re: downpayment check
Posted by BabyInMarch
i didn't give my check until after all of the contracts were signed. The check went to the seller's attorney's trust account and was cashed right away.
I did this also. I find things are different when you purchase a home in NJ. The only difference with us is that our check wasn't cashed for almost 10 days.
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| Posted 5/17/07 7:25 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: downpayment check
Posted by BabyInMarch
Posted by csorisi
Posted by BabyInMarch
i didn't give my check until after all of the contracts were signed. The check went to the seller's attorney's trust account and was cashed right away.
This is not usually how it is done. Usually the check is written when the contracts are signed by the buyer and the buyer's attorney sends four contracts with the deposit check. The check is deposit only after the seller's have signed the contract.
Sorry if I'm giving wrong information. It might be because I'm in NJ and it seems they do things differently here. In NJ you don't even get your inspection until after the contracts are signed (with a clause in there that lets you back out if something is found during inspection). This was how it was done both times I have bought in NJ.
It seems that they do do things differently in NJ. NY has their own way of doing everything. I am sure that we are the only ones that do it this way. 
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| Posted 5/17/07 8:48 PM |
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