Good Funds in Connecticut

Wet or Dry Settlement

Wet

Definition

Mortgage lenders are required to pay loan proceeds to the borrower, the borrower's attorney, or the lender's attorney by a certified check, bank treasurer's or cashier's check, or by wire transfer in connection with a first-lien, purchase money mortgage loan. CT Gen. Stat. Ann. § 36a-758.

Requirements

Must have good funds at or before closing.

Exceptions to Requirements

N/A

Cross-References

• Connecticut
• Good Funds