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How Do I Get My Money to the Closing Attorney

Ursula Butler

Ursula Butler has been one of the top REALTORS in Cherokee County since she began selling real estate in 1996...

Ursula Butler has been one of the top REALTORS in Cherokee County since she began selling real estate in 1996...

Feb 7 4 minutes read

There are a lot of moving parts when it comes to a home purchase;  movers, utilities, pets, kids, schools, signing documents, and oh yeah,  the money.

In Georgia, any amount over $5,000.00 that is required  for the purchase and sale of real property must be in the form of a wire  or other “Good Funds.”  This is in fact a law in Georgia, which can be  found at O.C.G.A. Section 44-14-13. 

If the funds are less than $5,000.00 it is the closing firm’s discretion to accept funds in a form other than a wire.  Usually a wire transfer is preferred and the easiest way to transfer large sums of money.

The closing attorney's staff sends out wiring instructions to all parties in their initial  communications.  Recently there has been a rash of reports where agents’  emails have been hacked or ghosted (a fake but similar email address  created) and “updated” FAKE/SCAM wiring instructions are sent to a  buyer.  It is imperative to receive the wiring instructions only from the closing attorney and to independently call and verify wiring  instructions 24 to 48 hours prior to closing with the closing attorney's office.  Never will wiring instructions be sent to you by your agent.

Additionally, there is a  process similar to wiring called ACH transfers.  These are not considered Good Funds in Georgia and should not be used to send funds  for a real estate purchase. 

Our team makes the effort to only use trained and helpful attorneys with staff that is happy to assist you with questions on this.

Ursula & Associates is a residential real estate team  specializing in the Towne Lake/Woodstock area along with the rest of  Cherokee County and portions of Cobb County.  Ursula & Associates is  the number 1 home seller in zip code 30189.

Please call Ursula & Associates to discuss your potential Home Value in Woodstock, Canton, Cherokee and Cobb County at 678-569-4044 Find out what your home is worth NOW.

We represent buyers in all areas. Call us direct for a free consultation 678-569-4044.

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