Atlanta Real Estate Legal Tip:
Why Closing Attorneys Need Wired Funds for Closing
In the early 1990s, Georgia passed the Good Funds Law to provide that all funds over $5,000 from buyers and sellers brought to closing must be in the form of cash, cashiers check, or wire. Lenders could still send their own checks, but they could not wait to fund after the closing.
In 2007, checks from major lenders started bouncing, and the funding process changed. Title companies recommended that closing attorneys require wired funds for all lender funds and even funds coming from other closing attorneys.
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Cashiers checks can be stopped by a lost or stolen affidavit. There have been many reports of stolen blank cashiers checks and even counterfeit cashiers checks.
In addition, a deposited cashiers check is treated just like a personal check; it is not considered cleared funds for several days.
Closing attorneys are being asked to send wired funds for most payoffs, so they can not wait for the cashiers checks to clear.
Commercial closings have always required wired funds, and this is the best way to protect the buyers, lenders, sellers, and closing attorneys for residential closings also.
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Posted in Real Estate Post Date 01/02/2017