Difference between revisions of "Good Funds in Indiana"
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==Overview== | ==Overview== | ||
==Sources== | ==Sources== | ||
| − | ==Wet or Dry Settlement==Wet==Definition=="Good funds" means funds in any of the following forms: | + | ==Wet or Dry Settlement== |
| + | Wet | ||
| + | ==Definition== | ||
| + | "Good funds" means funds in any of the following forms: | ||
(1) United States currency. | (1) United States currency. | ||
(2) Wired funds unconditionally held by and irrevocably credited to the escrow account of the closing agent. | (2) Wired funds unconditionally held by and irrevocably credited to the escrow account of the closing agent. | ||
| Line 12: | Line 15: | ||
(9) A check that is deposited and held in the escrow account of the closing agent for at least fourteen (14) days before the date of closing. IN Code 27-7-3.7-4. | (9) A check that is deposited and held in the escrow account of the closing agent for at least fourteen (14) days before the date of closing. IN Code 27-7-3.7-4. | ||
When a closing agent receives funds less than $10,000, the funds must be in one of the above forms of good funds. For funds more than $10,000, the funds must be wired funds that are unconditionally held by and irrevocably credited to the escrow account of the closing agent. IN Code 27-7-3.7-7. | When a closing agent receives funds less than $10,000, the funds must be in one of the above forms of good funds. For funds more than $10,000, the funds must be wired funds that are unconditionally held by and irrevocably credited to the escrow account of the closing agent. IN Code 27-7-3.7-7. | ||
| − | Does not apply to transactions in which a lender conducts a settlement in which the real estate will be secured by a loan provided by that lender. IN Code 27-7-3.7-3(b).==Requirements==Must have good funds at or before closing.===Exceptions to Requirements===A closing agent may advance an amount not to exceed five hundred dollars ($500) from an escrow account on behalf of a party to an escrow transaction for the purpose of paying incidental fees, including conveyance and recording fees. IN Code 27-7-3.7-10.==Cross-References== | + | Does not apply to transactions in which a lender conducts a settlement in which the real estate will be secured by a loan provided by that lender. IN Code 27-7-3.7-3(b). |
| + | ==Requirements== | ||
| + | Must have good funds at or before closing. | ||
| + | ===Exceptions to Requirements=== | ||
| + | A closing agent may advance an amount not to exceed five hundred dollars ($500) from an escrow account on behalf of a party to an escrow transaction for the purpose of paying incidental fees, including conveyance and recording fees. IN Code 27-7-3.7-10. | ||
| + | ==Cross-References== | ||
* [[Indiana]] | * [[Indiana]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Latest revision as of 05:54, 4 September 2018
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
"Good funds" means funds in any of the following forms: (1) United States currency. (2) Wired funds unconditionally held by and irrevocably credited to the escrow account of the closing agent. (3) Certified or cashier's checks that are drawn on an existing account at a: (A) bank; (B) savings and loan association; (C) credit union; or (D) savings bank; chartered under the laws of a state or the United States. (4) A check drawn on the trust account of a real estate broker licensed under IC 25-34.1, if the closing agent has reasonable and prudent grounds to believe that sufficient funds will be available for withdrawal from the account on which the check is drawn at the time of disbursement of funds from the closing agent's escrow account. (5) A personal check not to exceed five hundred dollars ($500) per closing. (6) A check issued by the state, the United States, or a political subdivision of the state or the United States. (7) A check drawn on the escrow account of another closing agent, if the closing agent in the escrow transaction has reasonable and prudent grounds to believe that sufficient funds will be available for withdrawal from the account upon which the check is drawn at the time of disbursement of funds from the escrow account of the closing agent in the escrow transaction. (8) A check issued by a farm credit service authorized under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.). (9) A check that is deposited and held in the escrow account of the closing agent for at least fourteen (14) days before the date of closing. IN Code 27-7-3.7-4. When a closing agent receives funds less than $10,000, the funds must be in one of the above forms of good funds. For funds more than $10,000, the funds must be wired funds that are unconditionally held by and irrevocably credited to the escrow account of the closing agent. IN Code 27-7-3.7-7. Does not apply to transactions in which a lender conducts a settlement in which the real estate will be secured by a loan provided by that lender. IN Code 27-7-3.7-3(b).
Requirements
Must have good funds at or before closing.
Exceptions to Requirements
A closing agent may advance an amount not to exceed five hundred dollars ($500) from an escrow account on behalf of a party to an escrow transaction for the purpose of paying incidental fees, including conveyance and recording fees. IN Code 27-7-3.7-10.
