{"id":1807,"date":"2015-07-19T18:50:19","date_gmt":"2015-07-19T18:50:19","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=1807"},"modified":"2020-07-13T22:34:35","modified_gmt":"2020-07-13T22:34:35","slug":"certified-funds-requirements","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/certified-funds-requirements\/","title":{"rendered":"Certified Funds Requirements for Real Estate Closing or Escrow"},"content":{"rendered":"<p>A very important and misunderstood\u00a0step\u00a0in the home buying process is bringing funds to closing requirements.\u00a0 Attorneys, settlement agents, and lenders require certified funds or a certified check.\u00a0 We will explain what this means as well as things to avoid.\u00a0 Funds to closing normally CANNOT be cash or personal check!<\/p>\n<p>Unless you have special permission from the closing attorney or settlement company,\u00a0 <strong>you cannot bring cash or a personal check<\/strong>.\u00a0 These are only allowed if the amount to close is a negligible amount.<\/p>\n<h2>Certified Funds Requirements for Closing<\/h2>\n<div class=\"mceTemp\">\n<figure id=\"attachment_1431\" aria-describedby=\"caption-attachment-1431\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1431 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/06\/cash-with-strike-through-it-300x232.jpg\" alt=\"certified funds requirements for real estate purchase\" width=\"300\" height=\"232\" \/><figcaption id=\"caption-attachment-1431\" class=\"wp-caption-text\">Do Not Bring Cash or Personal Check to Closing!<\/figcaption><\/figure>\n<ul>\n<li>Wire funds\u00a0from your bank account<\/li>\n<li>Certified Funds check from your bank account<\/li>\n<li>Ask your settlement agent \/ attorney for their requirements<\/li>\n<\/ul>\n<h2>Certified Funds for Out of Town Banks<\/h2>\n<p>If you have recently relocated or use an online bank, getting the certified funds could be challenging.\u00a0 Out of state or online banks may require some of the following to obtain the funds.<\/p>\n<ul>\n<li>Personal appearance to request wire<\/li>\n<li>Personally appear\u00a0for a certified funds check<\/li>\n<li>Extra time to transfer funds to another local account (we will need proof of transfer)<\/li>\n<\/ul>\n<p>There are several reasons many closing attorneys or settlement companies will not accept a cashiers check\u00a0or money order.\u00a0 But it all comes from fraud.\u00a0 Financial crooks are good at duplicating cashiers checks or money orders.\u00a0 The settlement agent is required to certify funds\u00a0are good in their trust account so they must take extra steps in verification.\u00a0 Although a wire is not fraud-free.\u00a0 Additionally, fraudsters have ways of stealing wired funds as well!<\/p>\n<p><strong>The best practice is to call the attorney directly to verify the written wiring instructions are accurate!<\/strong><\/p>\n<p>Personal checks are not allowed because the check could be cancelled or the check could bounce.\u00a0\u00a0This could happen after closing.\u00a0 Since everyone is depending on the deed to be recorded and all funds to be good, borrowers must comply with the requirements mentioned in this article.<\/p>\n<p>[av_button label=&#8217;Don&#8217;t be Surprised &#8211; 10 Important Steps to be Ready for Closing&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2015\/07\/19\/dont-be-surprised-10-important-steps-to-be-ready-for-closing\/&#8217; link_target=&#8217;_blank&#8217; size=&#8217;large&#8217; position=&#8217;center&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; custom_font=&#8217;#ffffff&#8217;]<\/p>\n<p>[av_button_big label=&#8217;Contact Team Move for Your Purchase Closing Questions&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/contact-us\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;][\/av_button_big]<\/p>\n<p><strong><span style=\"color: #476657;\">Follow our writer, <\/span><a href=\"http:\/\/activerain.com\/profile\/rdsmith\">Russell Smith<\/a><span style=\"color: #476657;\">, on <\/span><a href=\"http:\/\/activerain.com\/\">ActiveRain<\/a><span style=\"color: #476657;\">.\u00a0 ActiveRain is a site\u00a0that real estate professionals, buyers, and sellers may use to gain helpful knowledge.<\/span><\/strong><\/p>\n<h2><u><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-5486\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/02\/Yelp-5-star.png\" alt=\"yelp 5 star mortgage lender\" width=\"139\" height=\"49\" \/><\/u><\/h2>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A very important and misunderstood\u00a0step\u00a0in the home buying process is bringing funds to closing requirements.\u00a0 Attorneys, settlement agents, and lenders require certified funds or a certified check.\u00a0 We will explain what this means as well as things to avoid.\u00a0 Funds to closing normally CANNOT be cash or personal check! Unless you have special permission from [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1431,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,33,40],"tags":[385,439,440,441,431,7,433,13,438,332,442,443,444,445],"class_list":["post-1807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-frequently-asked-questions","category-tips","tag-cash","tag-certified-check","tag-certified-funds","tag-certified-funds-definition","tag-closing","tag-down-payment-source","tag-funds-to-closing","tag-mortgage-faqs","tag-settlement","tag-settlement-costs","tag-what-are-certified-funds","tag-what-is-a-cashiers-check","tag-what-is-certified-funds","tag-wired-funds"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Certified Funds Requirements for Real Estate Closing<\/title>\n<meta name=\"description\" content=\"Certified funds are required for real estate closings. Don&#039;t be surprised at closing, so learn the attorney and lender escrow requirements for funds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/teammovemortgage.com\/blog\/certified-funds-requirements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Certified Funds Requirements for Real Estate Closing\" \/>\n<meta property=\"og:description\" content=\"Certified funds are required for real estate closings. 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