As a buyer or a seller of a home, there is likely a chance that you will have to bring your required funds for closing. I often get asked this question as to how this needs to happen.

Funds for closing cannot be in cash.  They either need to be in a cashier/certified check or they will need to be wired to the title company.  Some title companies will require a wire transfer if funds are over a certain dollar amount.  A cashier/certified check, as well as a wire transfer, can normally be done through your bank for a nominal fee.  The check should be made out to the title company (you should get instructions on your closing documents).  If you are sending a wire, you will need to have the wiring instructions for the Title Company to give to your bank.

Be aware that this is the time that Fraudulent interceptors will try to change your wiring instructions and take all of your money!  If you are ever concerned about a change in wiring instructions just before closing, contact your Realtor or the Title Company directly.  It is better to be safe than sorry.  Once you wire funds, they most likely will not be able to be retrieved. This will cause a loss of your money and likely a cancellation of the closing.

You will more than likely receive your final number within a few days of closing. This should give you enough time to get your check or have your wire transferred. . You will want to allow enough time for the wire transfer to go through the federal reserve and then to the title company. If the closing does not occur, your wire is safe and can be refunded. As always, double check with your Realtor as to how this process occurs with your specific situation.

Being prepared will help with a successful and uneventful closing!