Wiring Funds for Closing?


You will most likely receive an email from your lender or the closing attorney with the message below. It is a good idea to prepare to wire your funds 24 hrs prior to closing in order to have time to confirm receipt by the attorney and ensure a smooth settlement.

PLEASE BE AWARE THAT GEORGIA LAW REQUIRES THAT ALL FUNDS FOR CLOSING THAT EXCEEDS $5000.00 MUST BE REMITTED IN THE FORM OF A BANK WIRE, NO EXCEPTIONS.

The “Good Funds” bill amends O.C.G.A. 44-14-13 by changing the instruments mortgage settlement agents may accept in lieu of collected funds.  The legislation provides that a settlement agent may disburse settlement proceeds from its escrow account after receipt of any of the following negotiable instruments even though the same are not collected funds: (1) A cashier’s check from a federally insured bank, savings bank, savings and loan association, or credit union and issued by a lender for a closing or loan transaction, provided that such funds are immediately available and cannot be dishonored or refused when negotiated or presented for payment; (2) A check drawn on the escrow account of an attorney licensed to practice law in the State of Georgia or on the escrow account of a real estate broker licensed under Chapter 40 of Title 43, if the settlement agent has reasonable and prudent grounds to believe that the check will constitute collected funds in the settlement agent’s escrow account within a reasonable period; (3) A check issued by the United States of America or any agency thereof or the State of Georgia or any agency or political subdivision of the State of Georgia; or (4) A check or checks in an aggregate amount not exceeding $5,000.00 per loan closing.
O.C.G.A. § 44-14-13

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