Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
Funds must be in the form of: (1) Cash; (2) Wired funds; (3) Certified check; (4) A check issued by a political subdivision or on behalf of a governmental entity; (5) A cashier's check or a teller's check issued by a depository institution and drawn on another depository institution. MD Real Property Code 7-109(c). Funds may also be disbursed in the form of a check drawn on a financial institution insured by the FDIC and located in the 5th Federal Reserve District if the lender is (a) an affiliate or subsidiary of a financial institution insured by the FDIC or the National Credit Union Administration Share Insurance Program; or (b) a mortgage company approved by the Federal National Mortgage Association and the Federal Home Mortgage Corporation. MD Real Property Code 7-109(d).
Requirements
Must have good funds at or before closing.
Exceptions to Requirements
N/A
