Legal Question in Real Estate Law in New York

selling and buying a home

after you sell your home and you go to contract does the money that

is in escrow get used for your downpayment when you buy your new home. if not how do you buy your next house if you need the money from your sale

Asked on 2/04/07, 8:03 pm

1 Answer from Attorneys

Robert R. Groezinger GroezingerLaw P.C.
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Re: selling and buying a home

The escrow money gets to you at the closing...the proceeds from your sale buy the next house. You will need a separate downpayment for the house that you wish to buy thatcomes out of your own monies BEFORE your sale. There are ways to make this dollar amount less that the normal 10%.

Good Luck


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Answered on 2/04/07, 10:44 pm

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