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Do you have an attorney for this transaction? Someone should be reviewing everything to make sure it's all in order and take possession of the keys. Will someone be there to do the walkthrough for you? It's not necessary for you to be there, physically, but somebody should be representing your legal interests.
No, we do not have an attorney. I thought the real estate agent and his broker would represent us, but the agent has started saying several things which are raising a big red flag.
A title company is conducting the closing and I am not sure about the state laws of Arkansas as to whether an attorney will be there.
We have decided we are going to be at the closing and walkthrough after reading the replies on this thread.
A lot of good information and ideas have been presented here. The posters on City-Data are often right on spot.
I live in Florida and thru power of attorney had attorney close sale in CT.I wire transferred funds to his escrow account,cost me $20 on day before closing,very simple.As for walk thru we had our daughter do it the morning of closing,completely transparent.
In Ct only attorney can do closing,racket.In Florida a title company.
We sold a house in Salem Ark. and an attorney did closing,not sure if attorney is required in Ark.
Good information. I think this is exactly what we are going to do, in regards to wiring the money the day before closing. When I talk to the title company next week, I will find out the details and what they need for us to do.
It sounds as if your transaction went fairly smooth. Thanks for your help.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by rrah
I'm not sure what the "????" mean. Perhaps this is not related to federal law, but a state law. I do recall it came about after the real estate/mortgage crisis. I do know that in my state every title company required any amount above $10,000 to be wired funds in order to be considered "good" funds. Personal checks are only accepted for small amounts ( a few hundred dollars for last minute changes). Title companies in this area stopped taking money orders--only certified checks.
Interesting. A cashier's check is considered good funds in CA. Hence the question marks.
Interesting. A cashier's check is considered good funds in CA. Hence the question marks.
Our real estate agent said we could get a cashier check from the bank and hand carry it to the closing, but we are to the point where we have lost all confidence in his guidance, so we may be able to do the cashier check instead of the wiring.
If a cashier's check is good funds in CA, it may be the same in Arkansas.
I will talk to the title company and see what we need to do.
We hand delivered a bank check to our closing. I don't know if that's the same as a cashier's check though. I don't think it matters as long as it's some kind of "guaranteed" funds. I hope you can get this all sorted out. Moving is stressful enough without a confusing closing.
I will talk to the title company and see what we need to do.
Probably the wisest thing to do.
DMenscha--I think there had been enough cases of cashier's checks being forged, etc. that Indiana now only allows them up to the $10,000 point. After that it must be wired.
Good information. I think this is exactly what we are going to do, in regards to wiring the money the day before closing. When I talk to the title company next week, I will find out the details and what they need for us to do.
It sounds as if your transaction went fairly smooth. Thanks for your help.
The reason for wire transfer is so ALL closing costs are 100 percent correct for closing and walk thru is done day of or before so final signature can be signed on day of closing,if o'k.I would only trust an attorney who is doing closing or title officer.They are only competent parties,no one else.
Last edited by DanBev; 04-05-2014 at 05:54 PM..
Reason: add info
We hand delivered a bank check to our closing. I don't know if that's the same as a cashier's check though. I don't think it matters as long as it's some kind of "guaranteed" funds. I hope you can get this all sorted out. Moving is stressful enough without a confusing closing.
Thank you and bless you for your kind words. Yes, you have that right. We are stressed. It is stressful enough to purchase a home out-of-state and having an incompetent agent is making this transaction very difficult.
Most everyone on this thread has been very kind and helpful. Thank you everyone for all of your comments and advice.
Things are a lot clearer in my mind as to what we need to do since I posted the original post.
There are a lot more details which the agent has muddled, and we are trying to sort through these items, in order to protect our interests.
DMenscha--I think there had been enough cases of cashier's checks being forged, etc. that Indiana now only allows them up to the $10,000 point. After that it must be wired.
It is a shame that there are dishonest people and this makes things more complicated, expensive and sometimes difficult for the honest people.
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