Closings disburse as soon as we have collected funds in our trust account and any needed lender’s authorization to fund. Ordinarily this happens shortly after closing, but sometimes may take several hours; and closings that occur late in the afternoon may not fund until the next morning. But don’t worry! We know your money is important to you, and we work as hard as possible to get your funds to you as quickly as possible!
Why can things be delayed?
- Wires come in after hours. Unfortunately, wires are not instantaneous transfers from one bank to another. Sometimes wires take a few hours to wind through the federal system. Sometimes banks group wires together and release them in giant batches throughout the day. Sometimes wires get held for quality control and anti-fraud checks. Without all the funds in hand, we can’t disburse.
- Lender approval may slow disbursing. If your buyer is getting a loan, there’s a good chance their bank is going to want to review the signed documents from closing before they authorize us to write checks. By good chance, we mean that it is almost universal practice. Some banks are quick and require very few closing documents. Others aren’t.
If you haven’t sent them to us already, we super encourage you to bring a copy of your wiring instructions to closing. We’ll happily wire your proceeds to you as soon as possible after closing and, unlike many other closing attorneys, we do not charge for wires.
For more information, please feel free to request a copy of our funding and good funds notices.
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