Most significantly, in a typical New York home sale the deposit accounts for between 10 and 20 percent of the purchase price. New York co-op sales seldom fail, simply because both parties have too much at stake. In New York, lawyers do all the paperwork. They research the building's finances, governing documents, engineering studies, and escrow the deposit money with seller's attorney until closing. As a rule, I have found that when dealing with residential sales, lawyers in title states are more experienced compared with brokers in escrow states.
Mortgage brokers shop the deal around.
Multi-state lenders without knowledge of local customs may cause logjams in the process of lending and closing. Home appraisals are necessary along with extensive financial disclosure. When it comes to mortgages in the West, caveat emptor should be the word of the day. By contrast, New York lenders usually have a good handle on co-op buildings and apartment values, making the loan process quicker and easier than in the West. The Final Analysis Despite the easier loan process, a typical New York co-op closing can be long and contentious.