Funds For Closing
All closing attorneys need “good funds” from the buyer, lender, and seller (if necessary), and this usually involves sending a wire transfer. Please contact Fryer Law Firm for our wiring instructions (bank name and address, bank routing number, account name, and account number) before the closing. Do not rely on wiring instructions sent by anyone other the Fryer Law Firm.
Amounts over $5,000 should be wired, and smaller amounts may be brought in a cashier’s check or even a personal check, depending on the amount and the circumstances. Please confirm with Fryer Law Firm what will be required for your particular closing and amount due. You should also confirm prior to closing that your wire has been received and posted to our escrow account.
Some banks offer ACH transfers that cost a little less ($8-$10), but this option is not acceptable for closing and will be rejected by the attorney’s escrow account, possibly delaying the closing for several days. ACH transfers do not meet the standard for a real estate closing, because they can be cancelled or rescinded.Always be sure that you are sending bank wires and not ACH transfers. Sometimes the bank will not explain the difference or even clarify which type they are sending, unless you inquire and specify what you need.