The final down payment amount noted in the Net Sheet needs to be wired directly to the title company to be received by the specified due date.
This deadline is normally a day or two before escrow is due to close and will be on a weekday. If closing is set for a Monday, your final down payment will be due at title either the Thursday or Friday of the prior week.
Since the title company often can’t provide a final amount due until a few days before closing, it is imperative that you contact your bank in advance to find out their cut off time for transferring funds. Though your bank may not close until 5pm, the deadline for wire transfers is usually 2 or 3pm to ensure the funds arrive at the title office on the deadline. You may have to go to your bank to initiate the wire. Ask for a receipt of the transfer for your records.
Just as with your earnest money deposit, Dawn, a member of The Team, or the title officer will provide you with the wire instructions. You will be given a unique account number and all relevant information needed to transfer the funds to the escrow account.
Once you’ve initiated the transfer of your final down payment, email Dawn and your lender to inform them the funds have been wired. Please also email the receipt of the transfer; Dawn or a member of The Team will send it to the escrow officer in charge.
If the amount you paid is in excess of the actual amount due, you will be refunded after closing. The title company will send you a check reimbursing you for any over payment.
We want to remind you once again to be wary of scams involving transferring funds. ONLY trust wiring instructions from Dawn, one of The Team, or the escrow officer involved in this transaction. If you are at all uncertain, please contact Dawn to verify the instructions are indeed valid. Click to watch a short video on wire fraud.
The last big step is to attend your sign off at the title company. Click here to learn what will occur during this meeting.
