Finance, Front Page Feed, Insurance, Title & Escrow
In Order to Give Good Funds We Have to Receive Good Funds
May 5, 2009 by Lisa Capes · Leave a Comment
When purchasing a home there are two checks written during the process. First, a check written for Earnest Money. Earnest Money is given as a promise to the seller that the buyer is serious about purchasing thier home. Earnest Money is usually given in the form of personal check made payable to the title company closing the escrow. The second check is given at the signing table during the close of escrow.
The Earnest Money check paid by personal check to the Title Company is usually an adequate form of payment due to the fact once escrow is opened there is time for the check to clear prior to the close of escrow. However, the check given for final closing cost at the close of escrow MUST be in the form of a Certified Check. You must request this type of check from the teller at the bank. If the teller hands you a check with “Official Bank Check” written at the top, this is not the same as a Certified Check and could be denied at the signing table. This would result in a potential delay of the closing of the transaction.
Other forms of “Good Funds” accepted by Chicago Title Insurance are monies that are wired from bank to bank. Those funds are good immeadeatly.
For more information please contact
Lisa Capes, Sales Representative
Chicago Title Insurance (Arizona)