Personal Checks, Real Estate Closings, And The Trust Divide

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3 Responses

  1. Miriam Cherry says:

    Congrats on selling your house! Mine is still on the market…

  2. dammitboris says:

    here in orlando, where i practice, the deposit can be made by personal check, but only if the closing is more than 10 days away, to ensure clearance.

  3. Fred Tung says:

    I had a similar experience moving from California to Georgia. In California, buyer and seller sign the loan and transfer documents a few days before closing. The bank spends a day or two checking all the documents. Then on the closing date, the bank funds the escrow, and the grant deed and mortgage are recorded. Only then does the buyer get the keys to the place–that is, when the house is actually bought and paid for. In Georgia, the “closing date” is the day everyone shows up in a lawyer’s office to sign papers, and the buyers get to walk out with the keys! As the buyer, I couldn’t help feeling like I’d gotten away with something.