Posted by Elizabeth Soliday on 11/19/06 4:59pm
Msg #161150

Collecting funds due at signing

I just had my first signing where I had to collect funds from the borrower (it was a purchase).
She had personal checks and I had her make them out to the Title Company, I am 99% sure that was right, can someone confirm?

Reply by BP/WV on 11/19/06 5:08pm
Msg #161152

Anything over $500.00 is usually requested to be in the form of certified funds.

Reply by Elizabeth Soliday on 11/19/06 5:11pm
Msg #161154

But they make it out to the Title Co. right? There were no instructions on what form the money was to be in.

Reply by BP/WV on 11/19/06 5:14pm
Msg #161156

Yes, It is usually to title, but it's not something to assume.

Reply by PL on 11/19/06 5:13pm
Msg #161155

Yes made out to the title company, but BP is right about the amount. Most want certified funds/draft, not a personal check.

Reply by Elizabeth Soliday on 11/19/06 5:16pm
Msg #161157

You're right, geez, I guess I'm going to have to wait till tomorrow to see about instructions for wire.

Reply by Elizabeth Soliday on 11/19/06 5:17pm
Msg #161158

Thanks n/m

Reply by TitleGalCA on 11/19/06 9:44pm
Msg #161175

99% of the time, yes the check goes to the TC, and yes, it needs to be a certified check, as BP has said....at least in California.

Very occasionally (in CA) some developers have posted bonds in favor of the State that allows the developer to have checks (purchase money only) made payable to them, but it's not the norm for most signing situations.

Reply by Elizabeth Soliday on 11/20/06 4:29pm
Msg #161296

Wow, they accepted the personal checks!

That's nice considering they didn't leave any information otherwise.

Reply by Joe Ewing on 11/19/06 10:23pm
Msg #161182

I finished a signing about 5 years ago and the borrower handed me two checks to include with the signed docs. One was for $18,000 and the other was for $275,000. Both made out to the title company. I was caught completely by suprise and felt a little uneasy that I had been given that much responsibility.

Reply by hp/MD on 11/19/06 11:12pm
Msg #161186

Be careful, some states do not allow signing agents to handle $$$$. You must be a closing agent or a lawyer to handle money. IMHO

Reply by TitleGalCA on 11/20/06 12:31am
Msg #161193

Very true, hp but I think the community knows

where their states are in colletions; or lender required.
Definitions as to a closing state; and whether a lawyer would be be required to close those obvious issues?

Now, if they didn't? They wouldn't be much a notary, now would they?