Profile picture for chaka2

seller proceeds @ closing

my broker says my proceeds will be wired to my account the NEXT day. Is this normal procedure. I was epecting a cashiers check at closing
  • June 26 2010 - Rock
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Answers (7)

No this is not normal procedure. Do not leave the closing room without certified checks in your hand.
  • June 26 2010
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Profile picture for ABBAUSA
It is not a valid transfer until you receive your consideration (funds)

This next day funds must be new, we always get the sellers their proceeds and the real estate agents their commission check the day we close.

Sometime later in the day, but perhaps you closed late in the day and funds did not yet arrive at the title company.

Close earlier in the day and perhaps pick another title company next time.

Good Luck!

James Callas - Realtor®
  • June 26 2010
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Profile picture for The LaPeer Team
Perhaps you can ask your broker why you won't get them until the next day. If his/her answer sounds wrong, let us know what it is and maybe we can help you further.
  • June 26 2010
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Profile picture for wetdawgs
In the transactions where we've sold the house, the actual "closing" is not until the funds have actually been received by the seller.    Therefore, if it occurs the day after the paper work is signed, you still have the keys until the money is transferred.

Cashier's checks have gone the way of the dodo bird in closings.

  • June 26 2010
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Wired funds are very common now, but you can still request a check if you prefer. I think your broker meant to say "the day it records". Most people sign the paperwork one day, and either the other party hasn't signed yet, or there isn't enough time left in the day to record the deed, so the transaction closes the next day. Also, in the case of wired funds, most banks need the wire by about 3:00 pm to disburse the funds that same day.
  • June 26 2010
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You can have either a check or get the funds wired
  • June 27 2010
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I have personally sold many homes. I have never walked out the same day with a check. The deed needs to be recorded, the closing agent needs to get recording numbers from the recorder's office to verify and have proof that the deed was recorded, and the other party needs to sign all documents. The closing agent is a trusted 3rd party. Use a closing agent/escrow office recommended by others you trust.
  • June 27 2010
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