When working with real estate buyers and sellers, our escrow operations face challenging situations relating to funds needed to close as well as proceed distributions. Having an awareness of bank requirements in advance of your signing appointment can make the difference between closing on time or working through costly delays. Below are a few tips that can help your transaction close more smoothly.
Buyers – Your Funds to Close
Buyers – How to prepare for your signing appointment
Talk with your bank well in advance of your closing (approximately 3 weeks before your signing appointment). Ask your banker if there are wire limitations or account restrictions. You should also find out how many days notice are required by your bank for wire transfers made from your account.
Internet banking accounts such as eTrade or ING may require that you arrange well in advance and determine requirements. Sometimes restrictions prevent same day withdrawals or wire transfers. This is something you’ll be glad that you know well in advance of your closing day.
Some local banks in the Seattle area have daily wire limits (such as $25,000). This can be difficult and costly if a buyer assumes their funds beyond the daily limit are accessible.
Sellers – Proceeds From Your Sale
Sellers – How to prepare for your signing appointment
Remember to bring your account information and your photo identification to your signing appointment. If funds are to be deposited into an investment account, be sure to bring full account information and wire instructions. Deposit slips and checks do not have full account information needed for escrow to complete a wire transfer.
A Word About Trusts and Estates
If title is held by an Estate or Trust, funds must be deposited into a bank account with the same name. In other words, proceeds from an Estate or Trust can only be deposited into a bank account established for the Estate or Trust. Funds cannot be deposited into the heirs/individuals accounts. A bank account for the Trust or Estate must be established prior to closing.
“If title is held by an Estate or Trust, funds must be deposited into a bank account with the same name”
Remember to ask your Escrow Officer here at Ticor Title Company if you have any questions. We are glad to help you well in advance of your closing date.