closings@gurveylaw.com 404-997-8569
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WIRES & CHECKS FOR INVESTORS
Assignment Disbursements
We ABSOLUTELY will include your Assignment fee (or Novation Fee) on a Closing Statement. BUT we need you to send us ASAP your wiring instructions or mailing address for a CHECK.
Bank Accounts & Payees ...
FOR THE LOVE OF ALL THAT IS HIGH AND MIGHTY!!! PLEASE DON'T ACT AS A REAL ESTATE PROFESSIONAL IF YOUR "REAL ESTATE FOCUSED COMPANY" DOESN'T HAVE A BANK ACCOUNT!
At closing the check is made out to the name in the Contract and Assignment; any WIRE must have the correct name on the bank account. (Typically the Banks will reject the wire if the names don't match.)
IF it doesn't close - your EMD is returned to the NAME ON THE CONTRACT! Just because you sent money from your personal account - don't expect us to have your check written out to you personally.
PLEASE do not ask us to make funds payable to someone else or even you personally, IF your personal name is not in the paperwork. IF YOU ARE DOING BUSINESS UNDER AN LLC - YOUR COMPANY SHOULD HAVE A BANK ACCOUNT!!! Please have one!
You should also keep in mind that as of 2022 our Trust Account Bank is NOT local to Georgia - so you cannot just go to a branch down the street to try and cash it. Please put the effort in to get a proper bank account.
JV/Marketing Agreements ...
- The JV/Marketing Agreements are an agreement between the JOINT VENTURE PARTIES. The closing attorney or title company has no legal responsibility to follow the terms. It is NOT a contract on the property - it is an agreement between the people.
- We will do everything we can to reflect your JV/Marketing agreement on the closing statement - as long as we have in-hand a way to disburse those funds - by check or wire.
- It is professionally responsible of the Assignor to provide the information AT THE SAME TIME you send us the JV Agreement. If you don't even provide their phone number or email to us, you are obligating yourself to provide the information.
- Please keep in mind - we will not chase your JV partners down to get their wiring instructions or mailing addresses for checks. We also should not have to ask more than once for that information.
- If we do not have the ASSIGNOR'S delivery info prior to closing - we will delay closing until we have it.
- If we do not have a means to make immediate payment to the JV partners - we reserve the right to NOT split the funds at all at closing. This means we will send the Assignor all the funds and they can disburse on their own outside of closing.
