Most of my clients like to have their funds wired to them upon the closing of their real estate transaction. They presume that this is the fastest and safest way to access these funds. Well, isn't it?
Wiring funds is easy right? Sometimes it is and sometimes it is not. Encouraging your clients to get the answer to that question early in the transaction may make the difference between closing on time or having to extend.
When wiring, the process is entirely up to the financial institution where the funds are sent. Some of the differences, just to name a few are:
- Some allow on-line wire initiation.
- Some require the request be in person in the branch. This can be a big obstacle if the lending institution is in another state.
- Some require original notarized documents to request a wire.
- Some wire the same day the request is received.
- Some have a 48 hour delay from receipt of the request to when the funds are sent.
- International wire transfers can take 7-10 business days to post.
Each institution has their own requirements so it is prudent to confirm the wiring requirements of their individual financial institution early in the transaction so everyone can be prepared.
Happy investing!
Today's guest blog is courtesy of Sandy Andersen of Chicago Title Insurance Company of Washington.
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