💰 When Should Buyers Send Closing Funds in Vermont? 🏡
If you’re purchasing a home in Vermont, one of the most important steps before closing is making sure your funds arrive on time and safely.
Most closing funds must be wired to the closing attorney prior to the closing appointment. While it may seem simple, timing matters more than many buyers realize.
Here are a few important things to keep in mind:
✔ Send wires early. Many financial institutions have daily wire limits or restrictions on how many wires they process each day. Waiting until the last minute can cause delays.
✔ Wires don’t always move the same day. Even if a wire is initiated that morning, it may not arrive until later in the day, or sometimes the next business day depending on the bank.
✔ Plan ahead with your lender and attorney. Your closing attorney will typically provide the final amount needed to close shortly before the closing date. Once you receive that figure, coordinate with your bank right away.
✔ Consider wiring a little extra. It’s often a good practice to send a small additional amount in case there is a last-minute adjustment on the Closing Disclosure, such as prepaid items, taxes, or interest. Any unused funds are typically returned to you after closing.
🚨 Protect yourself from wire fraud.
Always confirm the wire instructions directly with the closing attorney’s office using a trusted phone number before sending funds. Never rely solely on emailed instructions, as real estate transactions are a common target for fraud.
Taking these extra steps helps ensure your closing day goes smoothly so you can focus on the exciting part, getting the keys to your new home! 🔑
Mark Montross
Catamount Realty Group
85 Prim Road, Suite 202
Colchester, VT 05446
802-825-1353
[email protected]
#VermontRealEstate #HomeBuyingTips #ClosingDay #RealEstateEducation #VTRealEstate #HomeBuyers #ClosingTips #VermontHomeBuyers #RealEstateAdvice