How do I pay the Title Company at Closing?

How do I pay the Title Company at Closing?

Can I bring my funds in cash? Can I pay the balance with my credit card? Hmmm…..let me think about this for a second, NO!!

There are a few ways that payment can be made, however over the years with an array of fraud on our door steps, some companies have tailored what will be accepted at closing. Even more so that the most current Florida Realtors/Florida Bar-1 2010 contract has some new clauses that specify what can happen if certain payment methods are used.

What form of payment is accepted-

Typically an escrow deposit (or earnest money) is made and will be accepted in the form of a personal check. This is acceptable since there is usually plenty of time from depositing of check to closing date so that the check has time to clear the bank.

The normal 2 methods of payment at a title company are a wire transfer and a cashier’s check or sometimes called a bank check. These are funds that are generally considered immediate. When a closing happens, the seller’s proceeds and the payments to be made have to be able to be disbursed on available and collected funds.
title company property guiding
What the contract states about funds-

Page 1, line 25; it states in regards to initial deposit…
(checks subject to COLLECTION)

Page 1, lines 37-38; in regards to balance to close it states…
by wire transfer or other COLLECTED funds

Furthermore line 39 then reads
NOTE: For the definition of “COLLECTION” or “COLLECTED” see STANDARD S.

On page 10 you will find the STANDARD S clause on line 547-550;
COLLECTION or COLLECTED: “COLLECTION” or “COLLECTED” means any checks tendered or received, including Deposits, have become actually and finally collected and deposited in the account of Escrow Agent or Closing Agent. Closing and disbursement of funds and delivery of Closing documents may be delayed by Closing Agent until such amounts have been COLLECTED in Closing Agent’s accounts.

More importantly, know and realize that there are laws that pertain to “good funds”, we just don’t make this up.  Next weeks are the HARD FAST RULES…’ll want to take a peek!!

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public.

Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or

Posted on May 31, 2013, in Title and tagged , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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