Difference between revisions of "Good Funds in Kansas"
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==Overview== | ==Overview== | ||
==Sources== | ==Sources== | ||
| − | ==Wet or Dry Settlement==Wet==Definition==All funds deposited for real estate closings which exceed $2,500 shall be in one of the following forms: | + | ==Wet or Dry Settlement== |
| + | Wet | ||
| + | ==Definition== | ||
| + | All funds deposited for real estate closings which exceed $2,500 shall be in one of the following forms: | ||
(1) Lawful money of the United States. | (1) Lawful money of the United States. | ||
(2) Wire transfers such that the funds are unconditionally received by the title insurance agent or the agent's depository. | (2) Wire transfers such that the funds are unconditionally received by the title insurance agent or the agent's depository. | ||
(3) Cashier's checks, certified checks, teller's checks, or bank money orders issued by a federally insured financial institution and unconditionally held by the title insurance agent. | (3) Cashier's checks, certified checks, teller's checks, or bank money orders issued by a federally insured financial institution and unconditionally held by the title insurance agent. | ||
(4) Funds received from governmental entities, federally chartered instrumentalities of the U.S. or drawn on an escrow account of a real estate broker licensed in the state or on drawn on an escrow account of a title insurer or title insurance agent licensed to do business in the state. | (4) Funds received from governmental entities, federally chartered instrumentalities of the U.S. or drawn on an escrow account of a real estate broker licensed in the state or on drawn on an escrow account of a title insurer or title insurance agent licensed to do business in the state. | ||
| − | (5) Other negotiable instruments which have been on deposit in the escrow account at least 10 days. KS Stat. 40-1137(c).==Requirements==Must have good funds at or before closing.===Exceptions to Requirements===N/A==Cross-References== | + | (5) Other negotiable instruments which have been on deposit in the escrow account at least 10 days. KS Stat. 40-1137(c). |
| + | ==Requirements== | ||
| + | Must have good funds at or before closing. | ||
| + | ===Exceptions to Requirements=== | ||
| + | N/A | ||
| + | ==Cross-References== | ||
* [[Kansas]] | * [[Kansas]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Latest revision as of 06:36, 4 September 2018
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
All funds deposited for real estate closings which exceed $2,500 shall be in one of the following forms: (1) Lawful money of the United States. (2) Wire transfers such that the funds are unconditionally received by the title insurance agent or the agent's depository. (3) Cashier's checks, certified checks, teller's checks, or bank money orders issued by a federally insured financial institution and unconditionally held by the title insurance agent. (4) Funds received from governmental entities, federally chartered instrumentalities of the U.S. or drawn on an escrow account of a real estate broker licensed in the state or on drawn on an escrow account of a title insurer or title insurance agent licensed to do business in the state. (5) Other negotiable instruments which have been on deposit in the escrow account at least 10 days. KS Stat. 40-1137(c).
Requirements
Must have good funds at or before closing.
Exceptions to Requirements
N/A
