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Showing posts from October 24, 2011

UPDATE: GOOD FUNDS AT CLOSING - DON'T MAKE THAT CHECK PAYABLE TO YOURSELF -

Title Companies are changing the way some Buyers are going to need to bring purchase money funds to closing. If these changes are rigidly enforce, the transition is likely to be a rough one and anyone with a purchase or sale closing coming up in the near term should expect a greater likelihood of delays / aggravation.  

The long standing "best practice" for having Buyers bring funds to a closing table has been to instruct them  to bring cashiers' checks to a closing table made payable to themselves.

Until now, it has  just  the way things have been done my whole career.

Back in June, I reported seeing a notice from one of the local Chicago Title offices indicating that CT would require all checks be made payable directly to the title company. At that time, only one or two offices were actually requiring this, and everything was business as usual.

Closing bays at Chicago Title's flagship offices  in Chicago now sport notices that CT will no longer accept such 3rd party…