Good Funds in Maryland

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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

Cross-References