What does it mean when the title company says “Good Funds” are needed for closing?
Good Funds consist of wire transfers, certified checks, or cashier’s checks. Good Funds must be received and deposited before any funds may be disbursed. ACH transfers are not acceptable as these funds are not considered immediately available funds and can be adjusted or recalled by the clearing house without authorization from the accountholder.
Title Tip: When closing at Midtown, a cashier’s check or certified check must be brought to our office and deposited at least 24 hours prior to the closing date.
Have questions about Good Funds or closing at Midtown? Contact our team today.
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