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My house is closing in January. I close on a new house the next day. I need the cash from the sale immediately. The problem is that the amount is going to be about $13,000. If I deposit a check over $5000, the rest of the money goes to a hold period for a week. Will title companies break the amount up into several checks? Is there any way around this?
My house is closing in January. I close on a new house the next day. I need the cash from the sale immediately. The problem is that the amount is going to be about $13,000. If I deposit a check over $5000, the rest of the money goes to a hold period for a week. Will title companies break the amount up into several checks? Is there any way around this?
It depends totally on the policy of your title company.
You should check with them, and explain the situation.
I am assuming that the cash from the first closing is for the second closing. Most title companies will be set up to deal with this. I would just check with them but they should be able to handle this and tell you how to take care of that--signing over the check to them possibly?
If you are in a state where the "closing" is the final transaction, then it's customary for all funds to be in the form of cashier's checks or certified funds. There should not be a "hold" on those funds at your bank, especially if you visit your banker and explain the situation.
Alternatively, if the cashier's check from the first closing is made out to you personally, why not just endorse that check over to the next transaction if you need all of that money for your next closing?
If you don't need all the funds for the second closing, then there's no reason why the closing instructions for the first closing wouldn't be able to issue two checks to you in anticipation of your needs. Of course, knowing the title companies, they'll charge you a fee for the second check ... but that would be a small inconvenience compared to not having the use of your funds in a timely manner.
Your realtor, and you, should have discussed the almost simultaneous closing with your title company.
The title company should be able to assist in such a way as to get immediately available funds to the new title company. You may have to pay a small amount for a wire transfer, which is immediately available funds.
If you try to do it through your bank with small checks, the bank may still hold up the money for several days. Don't take a chance.
Get your realtor and your title company working on this.
Yes, we do.
But the hesitation mention that which I see here just serves to remind me that things are done differently all over the USA.
That's one of the things that brings me back here to read. I like to see how transactions are handled in other regions.
Where we can (in best circumstances) go contract to close in under two weeks, that pace is perfectly astounding to others.
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Originally Posted by Charlottean Wire it. We do it all of the time here in NC.
Quote:
Originally Posted by MikeJaquish
Yes, we do.
But the hesitation mention that which I see here just serves to remind me that things are done differently all over the USA.
That's one of the things that brings me back here to read. I like to see how transactions are handled in other regions.
Where we can (in best circumstances) go contract to close in under two weeks, that pace is perfectly astounding to others.
Yep, we are Blessed with being a Financial Capital....having lots of banks makes lots of things easier.
My house is closing in January. I close on a new house the next day. I need the cash from the sale immediately. The problem is that the amount is going to be about $13,000. If I deposit a check over $5000, the rest of the money goes to a hold period for a week. Will title companies break the amount up into several checks? Is there any way around this?
You can ask the title company to wire transfer the money into your account. Unfortunately, a lot of banks have a 1:00pm cut off deadline. If the title company can do that before the cutoff deadline you should have the funds available in your account the next day. Just confirm that with your bank. I have done this in the past but it is tough to get it done on such a tight time frame. Typically, the title company is in no hurry to wire the funds before 1:00pm.
Also there is no reason why the title company can't issue you smaller checks but you are still going to run into the same problem with your bank putting a hold on deposits totaling over $5000. Talk to your bank manager and see if there is anyway around it or a one time exception. This would be the better solution as you would be in control of the situation.
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