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Good Funds Closing
practices in this area in most instances dictate that title companies handle
the closing procedures and are therefore the “clearing house”, so to speak,
for the monies involved in the transaction. Since we (the title company) are
acting in a relationship of trust regarding a financial transaction it is
important that we not consider the closing to be finalized until we are in
receipt of “good” funds. The recording of the documents becomes a permanent
record, so we must be sure that we are able to complete the monetary portion
of the transaction. For
these reasons, we inform the buyers (with as much advance notice as possible)
that they must bring to the closing a cashiers check made payable to
Benchmark Title Company for the balance owed, which is comprised of the
balance of the down payment plus closing costs, less earnest money and other
credits. We will also inform the sellers of the same requirements in the
event they are required to bring funds to close. The
buyers then must go to their bank and have a cashiers check, which by
definition is a check drawn on the bank itself, after the bank has verified
that the individuals have sufficient funds in their account to cover the
amount of the check or the preferred method is to wire funds to our account. One
of the important reasons for not accepting personal checks at the closing,
other than the obvious possibility of insufficient funds, is that in the
event someone dies, their account may be frozen by the bank and checks,
especially large ones, may be returned stamped “Maker Deceased”, and until a
personal representative is appointed the check may not be honored by the
bank. For
these reasons we require that buyers present a cashiers check or wired
funds, so, that those checks are immediately honored by our bank
and that checks we disburse for payoffs and other issues will reach our
account for payment. Despite
our best efforts we are sometimes dismayed to see a buyer, at the closing
table, reach into his/her pocket for their checkbook and prepare to write a
personal check for thousands of dollars. When this happens, management must
make a decision. We surely do not want to delay a closing, but we also cannot
put our responsibility as the “Clearing House” at risk. Good funds are a
must. Any questions can be directed to Benchmark Title at
618-239-3750. Please feel free to call or email:
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Dates to Remember Be the first in your
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Contact us today for a quote! Why wait? You can place your
next title order now by clicking here. |
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