Zillow Advice: Buying Process - Settlement in MD - Does buyer lose conrol of money wired to settlement agent? http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ Zillow Advice | Zillow Real Estate I have seen it both ways. ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ I have seen it both ways. I think it is personal preference. In some cases checks are made payable to the Title company or themselves. At Settlement, you can sign the back For Deposit only. If another title company needs proceeds for another purchase, then I advise to wire the day before but no longer. Hope that helps as I am the actual person collecting and disbursing the funds at the closing table. Thu, 11 Sep 2014 04:52:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2014-09-11T04:52:00Z Hi User106552, express your ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ Hi User106552, express your frustrations to the settlement company, sometimes they will take a check if you ask. &nbsp;You could always change settlement companies. &nbsp;It is always a good idea to employ a Lawyer to ensure everything goes well. &nbsp;If you need a lawyer I know one that specializes in Real Estate Tue, 07 May 2013 22:58:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2013-05-07T22:58:00Z Unless you are dealing with ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ Unless you are dealing with a bank that is not based in the USA there should be absolutly no reason you can't bring a&nbsp;certified/bank check to settlement. If this settlement company does not allow it then I would change settlement companies. Thu, 03 Jan 2013 16:41:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2013-01-03T16:41:00Z Thanks Bridget. My bank tells ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ Thanks Bridget. My bank tells me it will take 2 days for wired fund to get to the destination, so I will wire it no later than Wed for Friday's settlement. 2 days seem too long...but it's probably their worst case scenario.&nbsp;<br/><br/>I am still not fully clear on what is the status of the money that's wired over (can be released to me without seller's consent or not), but the deal has gone forward without slightest complications so far, so I will not worry about having to recover the money...will ask the settlement agent at the settlement what the real deal is...for future reference. Tue, 18 Dec 2012 04:34:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2012-12-18T04:34:00Z You should be able to wire ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ <p>You should be able to wire the funds the morning of settlement.&nbsp; If there is a large amount of money involved, the title company likes to ensure that teh money is available for funding.&nbsp; Maryland is a "Wet Settlement" state, this means that the funds must be available at settlement for the sale to go through on a purchase.&nbsp; Since the settlement is late on a Friday, the bank will be closed and the monies will not be technically available for disbursement.&nbsp; A wire is avaialble as soon as it is received by the title company, so a wire confirmation will constitute a wet settlement.&nbsp;<br/><br/>A wire is a safe way to transfer money to a title company.&nbsp;There is a trail of funds and should something go wrong the title company would release the funds back to you.&nbsp; You can check with them to determine time frames and their procedure to release the funds.&nbsp; They are holding the funds for the express purposes of the purchase of the home you are buying.&nbsp;<br/><br/>If you do use a certified check, you&nbsp;may&nbsp;have it written to<br/>1.&nbsp; you<br/>2.&nbsp;the title company or<br/>3.&nbsp; you&nbsp;and the title company<br/><br/>You will NOT&nbsp;make the check to&nbsp;the seller.&nbsp; You will sign over the check at settlement.<br/><br/>If you have a buyer's agent, they are your representative. If you chose to move forward with the listing agent, they have a fiduciary responsibility to the seller, so you are not represented. You can choose to have a real estate attorney review your side of the deal at your cost.<br/><br/>Good luck with your settlement and best wishes in your new home!<br/><br/>Warm Regards,<br/>Maryland Mortgage Mama</p> Tue, 18 Dec 2012 00:48:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2012-12-18T00:48:00Z Most of my buyers bring a&nbsp; ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ Most of my buyers bring a&nbsp; banker's check with them to the closing.&nbsp; Ask the closing company to let you know who to make the check to.&nbsp; It should not be a problem.&nbsp; Fri, 14 Dec 2012 04:21:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2012-12-14T04:21:00Z I wouldn't wire the money ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ I wouldn't wire the money if I were you. Ask if they will simply allow you to bring a certfied check made out to the seller. Thu, 13 Dec 2012 00:49:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2012-12-13T00:49:00Z Thanks all for the replies. ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ Thanks all for the replies. <br/><br/>They are not necessarily asking for money today, but they (settlement company) say that since it takes some time for the check to clear (even if a certified check), and the closing is happening late Friday, they want to avoid issues by having the money wired over no later than one day before the closing.<br/><br/>So if I understand you all correctly, seller has a say on disbursement of *any* money I send to the settlement agent?<br/><br/>I say "any" money, because I would have thought (hoped) that there is a distinction between the earnest money they are holding...that I sent as a part of the offer, vs. any other money I send them to get ready for the settlement. The latter, I would have thought, I would retain exclusive right on, till the time/day I authorize the settlement agent to disburse it. Well, that's the way I would set set this up any way.<br/><br/>I don't even remember if I signed any contract with the settlement agent and if it explains my relationship with them. Probably not...the contract signed with the seller probably has applicable language. Gotto go re-read it.<br/><br/>I'll find out from my banks what's involved in wiring fund/how long it takes, and wait for the HUD-1...and wire the money not too soon. Wed, 12 Dec 2012 20:30:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2012-12-12T20:30:00Z First, I wouldn't wire any ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ First, I wouldn't wire any money to the title company until you have a final copy of you settlement statement, called a HUD-1, which shows all of the different money changing hands and ultimately tells you how much cash you have to come to the table with.<br/><br/>A wire is a same day transfer so there is no reason you can't make this transfer that morning. I can't say I've heard of a title company asking money from the buyer more than a day ahead of time (day early just to be sure all money is ready for the day of settlement/closing).<br/><br/>All of that said, if you do send the money early, make sure you have information from the title company in writing requesting the cash, the purpose of the cash, and the instructions. There really is no reason the title company could hold money (outside of the earnest money) if the contract doesn't go through for whatever reason.<br/><br/>Ask for clarification from the title company first. If they do still insist the money be there this early, ask your agent to get feedback from their company's broker. If you're still not comfortable, do get a separate attorney. Best of luck. Wed, 12 Dec 2012 19:08:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2012-12-12T19:08:00Z Why don't you share your ... http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ Why don't you share your concerns with the closing company.&nbsp; It may be OK if you bring your banker's check with you. Wed, 12 Dec 2012 18:42:00 GMT http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/ 2012-12-12T18:42:00Z