Georgia is a good funds AND wet funding state. This means that you must have guaranteed funds AT closing ... not hours after your closing - and not the next day. PLEASE plan ahead and make sure your funds arrive in our Trust Account by 9am on the day of closing or before. Georgia Law (O.C.G.A. Sec. 44-14-13) requires that all funds $5,001.00 and over are to be sent by WIRE. Unless you are sending the wire yourself, always ask your banker for a confirmation that the wire is not just out of your account - but sent to us. The ONLY valid confirmation for a wire is a FEDERAL REFERENCE NUMBER. This 16 digit number is the way banks track wire transfers between themselves. Any number given to you by the bank less than 16 digits is likely an internal tracking number and is not proof that your funds were sent.
Your signing of documents and sending us funds to close - is your authorization for us to disburse funds. All contingencies need to be handled prior to closing. PLEASE do not ask us not to disburse funds because you don't have a key to the property or you are waiting to do the walk through.
While we do all we can to assist parties with their closing, we are not in a position to intentionally withhold funding information from involved parties. Meaning specifically that if the Buyer has not sent funds for closing or earnest money - please do not ask us to not tell the seller or your Agent/Broker/Realtor. It is also not our place to ask the Sellers to give the Buyer more time to get their funds together.
Please make sure that you have our current wire instructions. Funds sent to the wrong account - with old wiring instructions - may take up to 2 weeks to retrieve or return to you.
We do NOT accept ACH transfers. We specifically have ACH bank transfers blocked by our bank. First ... ACH is not a "wire transfer" - the banks can reverse them. If you send any funds via ACH - it may take 3-7 days to post - IF AT ALL. If your bank gives you options to send funds - please be specific that you must send a wire and that you need the 16-digit FED Ref number to confirm.
If you signed a contract where you are obligated to put up earnest money - please do so in the time specified in your contract. We take checks up to $5,000, but always prefer the immediacy of a wire. If you give us a check for earnest money - we will need to deposit it and make sure it clears. We cannot hold a check and tell parties we have your EM.
It is our policy to disburse funds by 5pm on the day of your closing. Many factors may affect our ability to do so, including but not limited to:
1. Our receipt of the Buyer's funds.
2. Our receipt of the Lender's funds.
3. Our receipt of all original documents.
4. Confirmation of all payoffs and wiring instructions.
5. Authorization to fund by a lender
6. The file being balanced to the penny!
Wires should post immediately, but may not show up in your bank account until the next day. Unfortunately the timing on this is out of our control.