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The Closing officially occurs when:
- The Closing Agent has all the Buyer’s and Buyer’s lenders funds required per the Settlement Statement in the Closing Agent’s escrow account;
- The Lender has provided a “Funding Authorization”;
- The Seller’s original documents in the Closing Agent’s possession;
- All closing, title, and lender requirements have been satisfied
When the Closing Agent “in a position to fund and close”, the Seller’s proceeds are immediately available at the Closing Agent’s office via check, and possession of the property should be delivered to the Buyer (meaning, the keys and access cards should be officially provided to the Buyer or Buyer’s representative.) Closing, therefore, is NOT defined as when the Seller receives their seller proceeds, but when the Closing Agent is “in a position to fund and close”.
Sellers who request a wire transfer may also request proof that the wire transfer was sent. However, Sellers who prefer a wire transfer should NOT withhold possession of the Property while they wait for a wire transfer to be credited to their account. This is because all banks have a different policy for when they credit the funds to the receiving account; some banks and credit unions make take more than 24 business hours to credit the money to the receiving account.
International wire transfers are not recommended; therefore, Seller’s who request an international wire transfer MUST sign a Hold Harmless Agreement for the Closing Agent. Sellers who wish to receive international wire transfers and sign the Hold Harmless Agreement should be prepared to provide possession of the property to the Buyers once the Closing Agent has confirmed that the Closing Agent is in a position to fund and close.