Buying a Home Step 25: Transfer your down payment for closing
/Transferring down payment funds to escrow is a crucial step in the home-buying process. Here are some tips to help you avoid mishaps with fund transfers:
Confirm the correct account: Before transferring any funds, make sure that you have the correct account information for the escrow company. Verify the account number and routing number with the company directly to avoid any errors.
Use a secure method: Avoid sending funds via email or unsecured online platforms. Instead, use a secure wire transfer or cashier's check to ensure that the funds are received by the correct party.
Check transfer limits: Some banks and financial institutions have limits on the amount that can be transferred at one time. Confirm that your transfer does not exceed these limits to avoid delays or complications.
Plan ahead: Allow sufficient time for the transfer to be processed and received by the escrow company. This will help you avoid any last-minute issues that may delay the closing process.
Wire instructions will always come directly from escrow, never from your realtor, or any other party involved. Do not accept wire instructions from unknown emails, phone numbers or parties claiming to be involved without proper verification. Check out more information on Wire Fraud Here
By following these tips, you can help ensure a smooth and successful transfer of down payment funds to escrow for closing on your new home.
Are you ready to begin the home-buying process? Whether your timeline is 3 weeks, 3 months, or 3 years, our team is here to help you every step of the way! Get started now by filling out our Ready To Buy Survey, and our team will reach out to schedule a call to discuss how we can support you on this path.
Terra Wright Knudsen- Bainbridge Island Realtor
