Buyers Must Wire Funds to the Title Company Prior to Closing
The Buyer agrees to pay the balance of the purchase price by wiring funds directly from their bank to the Closing Company.
The Buyer needs to be aware, however, that payment of the balance by the following will NOT be accepted by the Closing Company:
- Personal Check
- Corporate Check
- Employer’s Check
- Investment Account Check
- Asset Management Check
It is recommended that the Buyer contact the Closing Company prior to the Closing to obtain the wire instructions and the amount needed to close, including the balance of the purchase price plus the additional costs associated with the closing process.
Buyers Must Bring Their Driver’s Licenses to Closing
The Buyer will also need to bring photo identification (i.e., Driver’s License, etc.) to the Closing in order to fulfill Patriot Act identity requirements.
The proceeds the Seller receives from the Closing are generally paid by the Closing Company’s check. A Closing Company’s check does not have the assurance that it will be cashed by the bank as readily as a cashier’s check. The bank may not release the funds to the Seller until the Closing Company’s check clears. If the Seller prefers a cashier’s check, the Seller should contact the Closing Company at least 48 hours prior to the closing and request that the Seller’s proceeds be paid by cashier’s check. If arranged in advance, the Seller can ask for proceeds to be wired to their bank.