Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
Good funds shall mean: (a) Lawful money of the United States; (b) wired funds when unconditionally held by the real estate closing agent or employee; (c) cashier's checks, certified checks, bank money orders, or teller's checks issued by a federally insured financial institution and unconditionally held by the real estate closing agent or employee; or (d) United States treasury checks, federal reserve bank checks, federal home loan bank checks, State of Nebraska warrants, and warrants of a city of the metropolitan or primary class. NE Rev. Stat. 76-2,121(2).
Requirements
A person acting as a real estate closing agent must have received ?good funds? that are available for disbursement at the time of closing a real estate transaction, except that up to $500 can be disbursed from other than good funds. NE Rev. Stat. 76-2,122(2)(a).
Exceptions to Requirements
Up to $500 can be disbursed from other than good funds. NE Rev. Stat. 76-2,122(2)(a).
