At this point it is also reasonable – after having a conversation again with your lender – to be sure that your closing funds are in a form and location that allows you to get to them in time to close. In the state of Indiana, if the funds you will need to bring are greater than $10,000, you will need to send those funds to the Title Company via a wire transfer.
How Do You Set Up a Wire Transfer?
It is my recommendation and request that the Title Company communicate directly with you to provide you with wiring instructions. This is an area where wire fraud has been particularly dangerous over the last few years and as a result we make it clear to all our clients that you will never receive a request from us to send money. The instructions for that transfer will come directly to you through secure messaging from the receiving title company. You don’t want to wire the money yet, but it may well be worthwhile for you to visit your bank and get this set up. You do want to wire the money the day before the closing (but understand that if you are closing on Monday morning you may need to send the wire Friday.)
Can I Wait to Move the Money Until the Day Before Closing?
Finally, if any of the funds you need for closing are coming from gifts or from investment accounts, you should have already talked through any restrictions on these funds. It may well be reasonable to confirm any steps you are about to take related to these funds with your lender. If monies are coming from investment accounts, be sure to move them far enough ahead of closing to insure that the funds are available for you to transfer to cover your needs for closing.
Additional questions? Feel free to get in touch: