OK so you’ve finished with the loan process. Your loan is all done!
Now you have to get money to the closing attorney. State laws dictate how this can be done.
Since we’re in Georgia that is what we’ll cover.
Your lender should give you an idea up front as to what will be due in total at closing. I typically tell my clients to go ahead and wire funds 24-48 hours prior to closing. And while we often have final numbers for review prior to then I ask clients NOT to wait on final numbers to initiate a wire. Main reason being we don’t want a slow or forgotten wire to hold up or delay a closing. If the loan doesn’t close for ANY reason the closing attorney (neutral third party)
will wire the money right back to you, the client.
Here are the scenarios for getting money to your closing attorney:
1. Funds due less than $1,000.00. This can be in the form of a personal check. This is rare as most clients bring more than $1,000 to closing when you consider minimum down payments today.
2. Funds due less than $5,000.00. Attorneys will accept either a Banks Cashier check OR a wire.
3. Funds over $5,000.00. Banks (and the law) requires you wire the funds to the closing attorney.
Your lender will provide you wiring instructions. Of course always feel free to ask for them up front if you want to have them handy. To wire money you MUST walk into your bank. NEVER do any type of online transfer EVEN if it is called a “wire” on the web site OR a bank employee tells you that you can do it online. ALWAYS walk into your bank with the wiring instructions and initiate the wire. Get a confirmation number. Wires typically show as posted within 2-3 business hours. The closing attorney can confirm for you once the money is received.
If you wired too much money by accident it is not a problem. The closing attorney will cut you a refund check at closing. If you did not wire enough money remember you can always write a personal check up to $1,000.00.
Max A Kallos
404-277-5884 phone
678-298-8947 fax
Contact Information
License # 170267
400 Perimeter Center Terrace NE, Suite 900 Atlanta GA 30346
Georgia Residential Mortgage Licensee #23892 and NMLS# 156311
recognized in ‘Atlanta’ Magazine as a Five Star Mortgage Professional
endorsed by Emmy winning consumer advocate Dale Cardwell!
