Tagged : Good Funds
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Tuesday, June 16th, 2009 at 11:16am. 5982 Views, 2 Comments.
There is a new law that takes effect next month that will have a big impact on the way closings are handled in the state of Indiana. The “good funds law” or House Bill 1374 will require all funds to bring to a closing over $10,000 to be in the form of a wire to the title company.
Effective July 1, 2009, any funds presented at closing over $10,000 must be in the form of a wire before a title company can disburse. This law affects all escrow funds in connection with a real estate transaction whether it is residential or commercial.
In the past, you (as a buyer) would typically be waiting with baited breath for “the number” or the final “cash to close”. All too often the final amount you needed to bring to the closing table comes WAY too…