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Wire transfers for almost every transaction I've been in in the last three years. Granted, wire transfer fraud is becoming an issue, but with common-sense precautions, it's pretty much the norm.
Certainly don't have to wait for the deed to be recorded around here. Otherwise, that would eliminate a lot of the back-to-back closings we have -- i.e., client sells house at 11 am, closes on new house at 1 pm. We sometimes have to wait a bit at the end of a closing for the bank to fund, but it's almost always pretty smooth. The closing attorney's office wires the funds to the seller immediately after closing. Some banks close their wire departments at 4 pm, so if the closing is late in the afternoon, the money is wired the next day. It's usually the seller's choice, between receiving a check or a wire, but almost all opt for a wire -- safer, and access to funds faster.
This is pretty amazing, and obviously I stand corrected. I do wonder what safeguards there are in place in GA for funding.
We record quickly here - electronically in most cases now. We've rarely had issues with back-back closings, unless they were late in the day for recording and the wires, as you mentioned.
Today they wire the money around. In the "good old days", Attorney 1 would just leave the check for Attorney 2 at the courthouse.
We record quickly here - electronically in most cases now. We've rarely had issues with back-back closings, unless they were late in the day for recording and the wires, as you mentioned.
You're right, the money is getting wired every-which-way. :-) Thus, the opportunity for wire fraud, which is a big issue for this area right now.
When we check our county deed records electronically, we can often see "property settlement date", followed by "recording date" -- the two can sometimes be as much as 10 days apart. Not sure about the electronic filing -- I should ask my favorite closing attorney about that.
It's been my experience that most lenders DO transfer the funds electronically. Again, not exactly sure how that mechanism works, but in most cases, the papers are signed, notarized, and sent electronically back to the bank's funding department, who reviews it, makes sure that everything has been executed correctly, and then releases the funds. We usually end up waiting 10 minutes or so to get the ok that the funds have been released, the seller ends up with the funds in their bank same day, or next morning, depending on the time of the closing. If it's a back-to-back closing, the closing attorney will sometimes wire the funds to the closing attorney handling the next transaction (if it's not them.)
Proceeds were held in escrow until the sale was recorded at the registry of deeds. I think we closed at 11AM, and this was done around 2PM. Realtor brought me a certified check, and I was off to the bank after that.
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