|Realtors: before closing, please ensure your purchasing clients are knowledgeable about their personal bank’s wire procedures – including earnest money deposits. The Settlement Agent’s instructions or the amounts to wire are not necessary to find this information, as this procedure is determined by the purchaser’s personal banks.
This includes how wires are sent:
· In person
· By phone
& any daily limits (particularly noteworthy for online transfers)
Please note: since these procedures are determined by the banking institution, they will vary from institution to institution. If the client is using more than one account from different banks, please verify that they have checked *all* bank procedures prior to their closing.
The tip: The client’s full understanding of their banking institution’s wire processes prior to closing will ensure a quick and simple closing.
Future Tip: the process of providing the Purchasers with the wiring instructions of where to send the money for closing will be reviewed in a future Tucker’s Tip.
Written by Attorney William D. Tucker, III
To schedule your initial consultation, call 434-973-7474 or contact us online. Our offices are conveniently located in Charlottesville, Palmyra, Harrisonburg, and Staunton.
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