Why do I have to submit my funds to the title company via wire transfer?
Your title company requests funds in the form of a wire transfer for two reasons. One, it speeds up disbursement because wired funds are available immediately while a cashier’s check must first clear the account. Two, wire transfers reduce the risk of fraud.
Our company policy is as follows:
Personal checks accepted for amounts up to $1,000.00, cashier’s checks for amounts up to $10,000.00, and wire transfers are required for amounts over $10,000.00. We also require wiring instructions be provided to us on our Wire Authorization Form and signed by the client.
The procedures we have in place are meant to protect the escrow account, our clients, and the lender. Please call the office with questions or concerns.