Escrow Account (5%, condo, lawyer, deposit)

[balancesheet]

I am closing on a 2 bedroom condo in Jersey City next week in an all cash transaction. I have paid my 5% deposit directly to the seller’s attorney’s trust account. Do I do the same thing at closing? Or do I wire the money to my attorney’s escrow account first? Is it wise to wire the funds to my attorney’s escrow account before closing?

[palmcoasting]

Are you actually attending the closing? If so, bring certified funds...a tellers check, certified check. No need to spend the money wiring to anyone.

[balancesheet]

Thanks for your reply. Yes I will be attending the closing but my brothers live in Seattle so they will not be able to come. They are also 3 hours behind me so their share of the payment will have to come a day earlier.

Our lawyer informed me we can wire the funds to his trust (escrow)account. Is this normal and is there anything I should do to protect our money?

[palmcoasting]

If you are concerned about it, then have your brothers wire the funds into your account and then do a tellers or certified check from your account and bring it to the closing.
I'm not sure about the regulations regarding funds in NJ...but the only issue would be if they were escrow funds anyway. I can't see any reason why an attorney would be able to hold onto your purchase funds if the deal doesn't actually close...he doesn't need 'permission' to return those. But, if you are concerned, then just have your brothers wire the money to you and bring the certified/tellers check to the closing. Find out what the maximum you are able to write out of your personal account at closing in case 'extra' is needed for some reason and prepare for that.
And...have a wonderful, stress free closing!