Difference between revisions of "Good Funds in Maryland"
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==Overview== | ==Overview== | ||
==Sources== | ==Sources== | ||
| − | ==Wet or Dry Settlement==Wet==Definition==Funds must be in the form of: | + | ==Wet or Dry Settlement== |
| + | Wet | ||
| + | ==Definition== | ||
| + | Funds must be in the form of: | ||
(1) Cash; | (1) Cash; | ||
(2) Wired funds; | (2) Wired funds; | ||
| Line 7: | Line 10: | ||
(4) A check issued by a political subdivision or on behalf of a governmental entity; | (4) A check issued by a political subdivision or on behalf of a governmental entity; | ||
(5) A cashier's check or a teller's check issued by a depository institution and drawn on another depository institution. MD Real Property Code 7-109(c). | (5) A cashier's check or a teller's check issued by a depository institution and drawn on another depository institution. MD Real Property Code 7-109(c). | ||
| − | Funds may also be disbursed in the form of a check drawn on a financial institution insured by the FDIC and located in the 5th Federal Reserve District if the lender is (a) an affiliate or subsidiary of a financial institution insured by the FDIC or the National Credit Union Administration Share Insurance Program; or (b) a mortgage company approved by the Federal National Mortgage Association and the Federal Home Mortgage Corporation. MD Real Property Code 7-109(d).==Requirements==Must have good funds at or before closing.===Exceptions to Requirements===N/A==Cross-References== | + | Funds may also be disbursed in the form of a check drawn on a financial institution insured by the FDIC and located in the 5th Federal Reserve District if the lender is (a) an affiliate or subsidiary of a financial institution insured by the FDIC or the National Credit Union Administration Share Insurance Program; or (b) a mortgage company approved by the Federal National Mortgage Association and the Federal Home Mortgage Corporation. MD Real Property Code 7-109(d). |
| + | ==Requirements== | ||
| + | Must have good funds at or before closing. | ||
| + | ===Exceptions to Requirements=== | ||
| + | N/A | ||
| + | ==Cross-References== | ||
* [[Maryland]] | * [[Maryland]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Latest revision as of 06:47, 4 September 2018
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
Funds must be in the form of: (1) Cash; (2) Wired funds; (3) Certified check; (4) A check issued by a political subdivision or on behalf of a governmental entity; (5) A cashier's check or a teller's check issued by a depository institution and drawn on another depository institution. MD Real Property Code 7-109(c). Funds may also be disbursed in the form of a check drawn on a financial institution insured by the FDIC and located in the 5th Federal Reserve District if the lender is (a) an affiliate or subsidiary of a financial institution insured by the FDIC or the National Credit Union Administration Share Insurance Program; or (b) a mortgage company approved by the Federal National Mortgage Association and the Federal Home Mortgage Corporation. MD Real Property Code 7-109(d).
Requirements
Must have good funds at or before closing.
Exceptions to Requirements
N/A
