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When I bought my TX condo, I brought a cashier's check to the closing, as requested.
However, when I sold it (for cash) the closing was a Thursday, and the wired money did not reach my bank until Monday. I wondered and worried a bit about that.
I've always known it to be via wire transfer. I've also always heard the advice that you should try to schedule closing for early in the week, and in the morning, to ensure a speedy transfer of monies--transfers are processed by the title company in order that the closings occurred, and sometimes they get backed up.
I'm doing 1031 exchanges, so the money is wired from closing to my 1031 accommodator and then wired to the closing for my replacement property.
When I sold my personal home, the escrow company put the funds directly into my checking account. I don't know what method, but it wasn't sent as a wire transfer.
Long ago, I got a check, but I don't like carrying around that much money, even if it just to walk from escrow to my bank.
You don't get your money until after the sale is funded and recorded ( and after all mortgages, liens, encombrances, and taxes have been paid)
As I said, lots of variables. Some title companies will cut a check to $x amount and anything else is wired or vice versa. Some require checks. Some require wire. Some states/municipalities do not fund until after recording, which can take a few days. (Well, recording can take WEEKS in some municipalities, but I'm going to assume that those municipalities allow funding before recording. Otherwise they'd have some angry citizens!!) Sometimes you get to choose. I only work on refinances, but I get calls all day asking about funds being brought to closing. It is the same thing- most places have their own rules and it can range so widely that I am constantly looking it up.
My own personal experience:
1st purchase- HUD home- I assume the funds were wired
1st sale- I had to bring cash to the table
2nd purchase- sellers walked out with a check. This was just in March.
We're closing next Wednesday. We're taking some of our proceeds in a check (have a payment due to the builder of our new house in a couple weeks) and the rest will be wired to our money market account. We can pick up the check at the title company after the documents are recorded.
One time it was a check. The last time it was a direct deposit.
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