Funds for closing

Typically, additional funds beyond those provided by the mortgage lender are necessary to finalize the purchase at closing. The rules of legal ethics require attorneys to only accept these funds in certain ways.

If you need more than $50,000, your funds MUST come to us in the form of a same-day wire (ACH transfers are not acceptable). Please telephone our office for wiring instructions. We will never email wiring instructions and we will not change our wiring instructions. If you receive wiring instructions by email, they are fake and should be ignored. Please report any emailed wiring instructions to us immediately.

If you need to bring less than $50,000, your funds may be wired OR you may bring a bank check made payable to “Peet Law Group, Trustee” to closing.

For amounts less than $1,000, we can accept a personal check at the closing.

Good funds required for real estate closings - Colchester, Essex, Milton, Burlington, White River Junction, Hartford, Quechee, Woodstock, VT — Peet Law Group

WIRE TRANSFER INFORMATION

If you are selling another property on the same day or a few days prior to your closing, you may have the proceeds check made payable to Peet Law Group, Trustee, and bring it with you to your purchase closing. The proceeds check MUST be from a Vermont attorney and must be less than $50,000.00. Do not try to deposit this check as it may take several days for it to clear and you will not have access to the money to bring to your closing. If you are bringing proceeds from the sale of another property in excess of $50,000.00, please arrange to have the funds transmitted by wire transfer. Alternatively, when closing on a sale within a short amount of time of your purchase, it may be possible to arrange to have the sale proceeds wired directly to us.

When wiring funds, please be aware that it may take longer than you expect to initiate a wire transfer from an out of state bank, mutual fund company or stock brokerage company. Some will require you to visit a branch to initiate the wires that exceed a certain amount, so please initiate wire transfers before traveling to Vermont if your bank does not have a branch in Vermont. If you are transferring money between your accounts by check, please be aware that it may take several days for the check to clear before you will be given access to the money.

We strongly encourage you to plan ahead to have acceptable forms of money available so you avoid an unexpected delay with your closing. If you anticipate it taking more than a few hours to coordinate wiring the funds to us or you otherwise need a closing figure more than a few days prior to closing, we suggest you contact your loan officer to determine an estimated amount based upon your Loan Estimate and then add an extra amount to be sure you send enough to use. If you bring too much money to closing, we will refund the difference.

If your funds are on deposit with a financial institution where our office holds a client escrow account, you may also initiate an internal funds transfer.