Contract deposit

NYC Contract Deposit After Attorney Review: Buyer Checklist

After attorney review, many NYC buyers move from accepted offer to signed contract and contract deposit. This is a high-consequence workflow: the buyer needs to know who holds the deposit, how funds are delivered, what deadlines apply, what contingencies remain, and which questions belong with the attorney before money moves.

Published 2026-08-1510 min read

The deposit is a contract workflow, not a casual payment

In NYC, the contract deposit usually follows attorney review and contract signing. The buyer should not send funds based only on an accepted offer, text message, or informal request. The operative question is what the final contract and attorney instructions require.

Ask the attorney to confirm the amount, timing, recipient, escrow holder, delivery method, and whether the buyer should send a check, wire, or other permitted payment. Preserve the written answer with the signed contract file.

Confirm who holds escrow

A contract deposit is commonly held in escrow, but the buyer should know exactly who holds it and under what agreement. Do not assume the listing broker, seller, seller's attorney, title company, or another party is the escrow holder without checking the contract.

Ask which name appears on the escrow account, whether the funds are held by an attorney escrow account or another approved holder, and what documentation confirms receipt.

Wire instructions need independent verification

Wire fraud risk is real enough that buyers should treat payment instructions as sensitive. If a wire is used, confirm instructions through the attorney's established secure process and a trusted phone number, not by replying to a new email thread.

If instructions change, pause and verify. A buyer should not send a deposit until the attorney has confirmed the correct recipient, account details, timing, and any required reference information.

Track deadlines and delivery proof

The buyer should track contract-signing deadline, deposit deadline, delivery method, courier or wire confirmation, receipt confirmation, and any missing signature page. The goal is a complete record, not a loose belief that the money was probably sent.

For financed purchases, also keep lender milestones moving in parallel. The NYC offer-to-closing timeline is useful because the deposit does not pause appraisal, loan commitment, board, waiver, or closing-document work.

Know which contingencies remain after deposit

The buyer should ask the attorney what the contract says about financing, appraisal, inspection, board approval, condo waiver or right of first refusal, title, casualty, default, and closing timing. Those terms determine the legal consequences of future problems; the broker should not summarize them as safe or unsafe.

If the buyer is unsure whether a later issue affects the deposit, the next step is attorney review. Do not assume that a board delay, lender issue, inspection concern, or title question automatically means the deposit is protected or lost.

Property type changes the deposit questions

For a condo resale, ask how waiver or right-of-first-refusal timing fits after contract. For a co-op, ask how board package and board approval risk are handled. For a townhouse, ask how inspection, title, survey, insurance, and mortgage timing fit the contract.

For a sponsor unit, ask whether sponsor contract language, offering-plan materials, closing notice timing, and project review change the deposit and closing timeline. The deposit workflow should match the actual property type, not a generic closing checklist.

Buyer scenarios and checkpoints

If a buyer is wiring funds from an investment account, ask how long liquidation and transfer will take before the deadline. If gift funds are used, coordinate lender documentation before creating a last-minute underwriting issue. If the buyer is traveling, arrange signature and payment logistics before the contract clock is tight.

If the accepted offer included a buyer-side rebate estimate, keep that separate from the contract deposit. A rebate estimate should not be treated as available deposit money unless written terms, eligible compensation, and closing treatment have been reviewed.

What changes the answer

The deposit workflow changes with contract language, property type, attorney instructions, escrow holder, wire or check method, financing, board or waiver process, inspection status, title issues, buyer travel, gift funds, and the source account for the deposit.

The buyer's action is to confirm the deposit route in writing before funds move, then keep proof of delivery and receipt with the closing file.

What this article does not decide

This article does not decide whether a deposit is refundable, whether a buyer is in default, whether a contingency protects the buyer, whether wire instructions are valid, or whether a buyer should sign or fund a contract.

It is general buyer process education, not legal, tax, mortgage, underwriting, title, escrow, cybersecurity, financial, or investment advice.

Sources

Source freshness was checked on August 15, 2026. NYC Bar buyer and seller real-estate guidance was used for attorney-review and contract-process framing: https://www.nycbar.org/get-legal-help/article/real-property-law/purchase-sale-real-property/

CFPB closing-document guidance was used for closing-document and payment-verification caution: https://www.consumerfinance.gov/owning-a-home/close/review-documents-before-closing/

New York Attorney General co-op and condo buyer guidance was used for property-type and attorney-consultation context: https://ag.ny.gov/you-buy-co-op-or-condo

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FAQ

Common buyer questions

When do NYC buyers usually send the contract deposit?

Usually after attorney review and contract signing, but the buyer should follow the final contract and attorney instructions rather than an informal timeline.

Who holds the contract deposit?

Check the contract and attorney instructions. The buyer should know the named escrow holder and how receipt will be confirmed.

Can a buyer lose the contract deposit?

That depends on contract terms and transaction facts. Ask the attorney what contingencies, defaults, deadlines, and remedies apply before sending funds.

Should I wire the deposit from emailed instructions?

Do not rely on unverified email instructions. Use the attorney's secure process and a trusted phone number to confirm wire details before sending funds.