Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
All funds deposited for real estate closings which exceed $2,500 shall be in one of the following forms: (1) Lawful money of the United States. (2) Wire transfers such that the funds are unconditionally received by the title insurance agent or the agent's depository. (3) Cashier's checks, certified checks, teller's checks, or bank money orders issued by a federally insured financial institution and unconditionally held by the title insurance agent. (4) Funds received from governmental entities, federally chartered instrumentalities of the U.S. or drawn on an escrow account of a real estate broker licensed in the state or on drawn on an escrow account of a title insurer or title insurance agent licensed to do business in the state. (5) Other negotiable instruments which have been on deposit in the escrow account at least 10 days. KS Stat. 40-1137(c).
Requirements
Must have good funds at or before closing.
Exceptions to Requirements
N/A
