In addition to the new HUD-1 form that will have to be used for closings after January 1, 2o10, buyers will have to wire funds to closing if they owe more than $50,000.00 to close.
Very few buyers wired funds to closing in the past. Most obtained a cashier’s check for the funds due at closing. Cashier’s checks will still be accepted for amounts under $50,000.oo. The definition of “good funds” will include a title company check obtained from a sale closing.