Your Funds to Close
As we look forward to a smooth closing, let’s plan today on how to transfer your closing funds to the closing attorney. Unless otherwise confirmed by us with the attorney, all funds must be wired to the closing attorney, before the scheduled closing date. We will provide wiring instruction from the attorney, which you should take to your bank for the transfer. The funds will be sent to the attorney and placed in an escrow account for your closing. If you do not close, the funds would be returned to your account. Your bank will provide confirmation of the wire, please forward this to us.
All funds will be verified as coming from an acceptable source. We will explain this process but usually requires two-months statements. Typical sources of funds include:
- Your personal funds, i.e. savings, checking, retirement account(s)
- Proceeds from the sale of a home
- Gift funds from family member(s)
Personal Funds - Please contact your bank, to confirm their wiring process and time needed for delivery. It is important your funds are received by the closing attorney before your closing.
Proceeds from Sale of Home - Most often your sale and purchase will occur on the same day. The attorney on your sale side should wire your funds to the attorney on your purchase side. Any other means of providing funds could delay your purchase.
Gift Funds - We will provide detail instructions on how these funds are to be verified/sourced. Funds can be given to you or preferred option is to have gifting person(s), wire their funds directly to the closing attorney. They will need to contact their bank, to confirm their wiring process and time needed for delivery.