Up to a point, yes. But wires are much better.
Georgia law prohibits closing attorneys from accepting personal checks for more than $5,000.00 for closing, and truthfully, most closing attorneys won’t accept checks anywhere close to that amount. Why? Because by law a closing cannot disburse until it’s fully funded with “collected” funds. Thanks, HomeBanc.
Anyway. Cash, cashier’s checks, certified checks, bank drafts and personal checks do not constitute collected funds until those checks have been deposited and credited to our IOLTA account. Really. Even certified checks. No lie. You see, certified checks can be cancelled. They can be deposited with a computerphone app before closing. They can be dishonored. They can even be, get this, forged!
Same with personal checks. And money orderes.
Wired funds, however, are considered collected funds the instant they’re received. That’s why they’re great!
So. Any amount greater than $5,000.00 required for closing must be wired to us. We will not accept certified funds to close in excess of $5,000.00. Amounts less than $1,000 can be paid by personal check. Amounts between can be paid by certified check if you like. Wires, though, are totally the way to go.
We do not take cash.
Photo by Alp Allen Altiner on Unsplash