I have been a real estate broker and before that an agent for more than 36 years. The closing includes a lot of paperwork from the title insurance people, attorneys that drew up paperwork (those guys do not represent the buyer of seller- just draw up aperwork) any mortgage company funding a new loan and the insurance companies and maybe HOA's and other involved parties. The title companies have never liked personal checks because we then had to wait while those checked were turned into cashiered funds. So they used to require cashier checks. But those are even forged quite often. SO the title companies often now require wired funds. These sound instant but have to go thru the Federal reserve so it will often take a few hours. If you don't wire ahead of time then everyone must wait until the funds go thru. That will delay things and that delay may not be pleasant for you or the seller. The title company is heavily regulated because of the huge amount of money they must direct every day. If you don't trust them then you should have required that everyone use a title company you trust.

First of all you do not need an attorney, unless you would want to pay for the services to look over standard real estate documents authorized by the state in which you are purchasing the house. You real estate agent would or should be able to explain this state authorized contract.

No one would change the contract if your attorney recommended any potential changes. An attorney would be an extra unnecessary expense. However, the decision to have an attorney would be yours.

You signed a sales contract indicating the amount of the sales price, the required down payment and basically when these funds would need to be in the escrow and title company possession.

You are required to have the down payment and closing cost in the escrow or title at a certain time. The amount is outlined on your HUD-1 statement, you should have received from.your mortgage lender and backed up by the escrow instructions.

These funds are necessary to be in escrow so as to not be a problem at the closing table. All funds would be in the escrow prior to the closing.This would include the funds from the lender that provided your loan for the purchase of the house.

If there are checks that are bought to the closing table this would prolong the closing as funds would need to be verified. You are not able to verify a check if you are sitting in the closing table exchanging checks.

Basically what you would be doing at the closing is signing the mortgage loan docs from the mortgage lender that you obtained your mortgage loan to purchase the house.

The deed to the property transferring the property to your name would not be recorded at the county recorders office while you are at the closing table. This would happen later in the evening if, the sellers would sign the deed earlier in the day and you would sign the loan docs earlier. The deed might not be recorded until the next day.



The keys are symbolic, normally it would be to your benefit to have the locks changes on your new home. Though the sellers would normally do the right thing and give you the keys, they might have forgotten that they gave ole uncle George a set of keys 4-5 years ago.

All funds would be in the escrow closing agents hand prior to you signing the closing documents.This request is normal. All funds have to be accounted for prior to the closing and signing of the closing documents.

It might be that you would need to sit down with your real estate agent. escrow closing agent and title rep so as to get an understanding of the home purchase procedures. These individuals work for you and on your behalf. In some way or form you are paying for their services. They would be pleased to explain their role in your purchase transaction. Also the procedure that would be taking place.

It is better for you to be informed about the procedure and not know the procedure. Not knowing could be stressful.



I hope this has been of some benefit to you, good luck.

"FIGHT ON".

There's nothing new or fishy about this. You just don't have any idea of what you are doing.

Unless your state has attorneys as a standard part of a closing, you don't need one. I've worked in states where this is standard and I've worked in more states where it's not. The state I'm currently in has the buyers in a room with the title agent. My real estate agent comes as well. The funds have to be wired before you sign documents. You go in, sign everything, and they hand you the keys. The house is yours.

Because you are borrowing from your 401k and taking the money in check form, you have a couple extra hurdles. You can request that the money management company wire the money to your personal bank account and you can then do a wire to the title company. This will save you from having to make a trip to the bank as you can usually do wires online or over the phone.

you are exchanging funds. If you get a check from the 401k, the bank will put a hold on it for a while. A transfer allows the funds to be available as soon as the transfer hits.

HOWEVER, I would make sure that the funds are refundable to you if settlement doesn't happen. This means that you can receive the full funds back upon asking the title company for the money, vs having to have the buyer sign off/agree.

It is very normal. The alternative is handing over a cashiers check. The reason is the closing can't occur if any party to the closing needs to wait for a check to clear.

In India the brokerage is 1 - 2% of the purchase price.

I would read over the contract it should be clearly stated in your due diligence as the buyer. Your Realtor should be helping you with this process as well. He or She should have the answers your looking for to complete this transaction smoothly.

TIME FOR A LAWYER

Thank you and jwj60 I do have a lawyer just a late nite question

Normal. It is standard practice now. Thank Obama

I am receiving a check from my 401k Program at work to Purchase a home . when I get the check I have to go to the bank its from and wire over the money to the title co that is handling our closing . My Question is " IS THIS NORMAL " ?? I Thought at the closing table we exchange funds and receive the paperwork that is from the sellers relator ? along with keys etc.. Am I the Only 1 that thinks something fishy is going on or is this the new thing in Homeownership ?? Thank you in Advance .