Real Estate Agent, lawyer and the bank that represent the buyer will work on the real estate purchase transactions in each respective area.
Lawyers are necessary to handle all legal procedures related to Real Estate purchases including preparation of a "Real Estate Sales Contract," and to conduct all administrative procedures to prepare for closing. The real estate law in the United States is different and unique to each State. It is also important to select a lawyer who is specialized in the field of the real estate law.
In New York State, the Buyer signs a Contract of Sale after mutual agreement on sale negotiation, and gives a 10% down-payment to the Seller. The down-payment shall be maintained in escrow by the Sellers Attorney.