Verify Before You Wire!
Wiring funds before closing is very important. If funds are not wired on time, it could delay your closing and possibly create a breach of contract situation. Below you will find the common items to wire money. Please remember that every situation and financial institution could have a different set of rules so it is best to ask twice and wire once.
Visit your bank or credit union and provide the following information.
- Your name and address
- Your account number
- Valid Identification
- Contact information for the institution of where you are sending the funds (you may be asked for a SWIFT code)
- Routing number and account number for who will be receiving the funds
- Often financial institutions will ask the purpose of the wire
Funds for real estate transactions will need to be wired before the closing takes place. Ownership of the property will not transfer to your name if you do not wire the funds to the appropriate institution before closing takes place.
Please make sure to double-check all information because I have run into instances where the receiving party sent the wrong account information which ultimately sent the money into the wrong account - that is not good.
For more information regarding wire transfers please contact your financial institution, loan officer, title company, or Derrik Carlson at (435) 200-5478
Posted by Derrik Carlson on
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