Real Estate Agent, lawyer and the bank that represent the Seller will work on the real estate purchase transactions in each respective area.
Lawyers are necessary to handle all legal procedures related to Real Estate sales, 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 with specialized knowledge and experience in the real estate law.
In New York State, the Purchaser signs a Contract of Sale after mutual agreement on sale negotiation, and gives a 10% down payment to the Seller. The down-payment is supposed to be maintained in escrow by the Seller's Attorney.