Good Funds in District of Columbia
Wet or Dry Settlement
Disbursements may be made out of an escrow, settlement, or closing account only if deposits in amounts at least equal to the disbursement have first been made directly relating to the transaction disbursed against and if the deposits are in one of the following forms: (1) Cash; (2) Wire transfers such that the funds are unconditionally received by the title insurer or its depository; (3) Checks, drafts, negotiable orders of withdrawal, money orders, and any other item that has been finally paid before any disbursements; provided, that a title insurer may accept a check in an amount not to exceed $3,000 that has not been finally paid before any disbursements; (4) A depository check, including a certified check, governed by the provisions of the Expedited Funds Availability Act, approved August 10, 1987 (101 Stat. 635; 12 U.S.C. ? 4001 et seq.); or (5) Credit transfers through the Automated Clearing House which have been deemed available by the depository institution receiving the credits transfers and conform to the operating rules set forth by the National Automated Clearing House Association. D.C. Official Code 31-5031.14(e).
Must have good funds at or before closing.
Exceptions to Requirements
A title insurer may accept a check in an amount not to exceed $3,000 that has not been finally paid before any disbursements. D.C. Official Code 31-5031.14(e)(3).