Laudia, Home Owner in Annville, PA

I will be paying cash/no mortgage involved for a condo at OTOW. Seller informed me I must do a wire transfer of funds.

Asked by Laudia, Annville, PA Mon Sep 3, 2012

Is there any way I can pay so as to incur almost no fees?
What is the FL Law, if any, that requires wire transfer of funds for cash purchases of a condo at OTOW?
I have read elsewhere on the internet that the Finan. Institution sending the wire transfer levies a fee and so can the receiving Finan. Institution.

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Answers

11
The seller likely really wants certified funds for the closing. Ask the if they would accept a cashiers check from your bank. You should be able to get one for free or for less than $10. If you will not be present at the closing, then the wire is easiest way to get certified funds to the sellers title company. If you haven't done so, call your bank and check on the wire fees. I think you find them much lower than you think. Many bank offer the service for free.
0 votes Thank Flag Link Wed Oct 22, 2014
The seller likely really wants certified funds for the closing. Ask the if they would accept a cashiers check from your bank. You should be able to get one for free or for less than $10. If you will not be present at the closing, then the wire is easiest way to get certified funds to the sellers title company. If you haven't done so, call your bank and check on the wire fees. I think you find them much lower than you think. Many bank offer the service for free.
0 votes Thank Flag Link Wed Oct 22, 2014
Why would I need Title insurance in purchasing a home at On Top of the World in Ocala?
0 votes Thank Flag Link Wed Oct 22, 2014
With any Real Estate purchases there are fees.

Wire transfer fees.
Title Insurance
Document preparation fees
Condo Home Owner Association acceptance package fee
Attorney Fees
Recording Fees.


always use an Attorney or Title company to facilitate a purchase of Real Estate .

Best of luck
0 votes Thank Flag Link Tue Oct 2, 2012
It depends on the title company or closing attorney, a wire is the best method but certified funds can also work, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Sep 10, 2012
Thanks to Rachel, Agent and David, Broker, who responded to my question about a wire transfer of funds for purchasing a condo at OTOW. My bank is in many states to include PA and FL so the location of my funds to be used in this transaction are a non-issue. Thank you.
Claudia in central PA.
0 votes Thank Flag Link Mon Sep 10, 2012
Hi, Claudia, Total Title is a reputable company. As the others have said, most closing agents are requiring wired funds, because of some fraudulent activity with cashier's checks. Typically, you are only responsible to pay the fee (if any) at your bank for teh wire transfer. The title company may charge a small fee for the wire, but the seller is also charged if they choose to receive the funds via wire transfer. They usually have the option of receiving a check from the title company. I'm sure things will go well for you.

Congratulations and enjoy your new condo.
Rachel Friesema
Prudential Tropical Realty
727-481-4757
rfriesema@verizon.net
0 votes Thank Flag Link Mon Sep 3, 2012
I am assuming your funds are coming from PA. In FL closings require cashier checks to be drawn on a local Bank or certainly a bank in FL for quick verification of funds. Out of state cashiers checks are not accepted. The seller will pay his own closing costs to the Title company and you will pay yours. So whatever your Bank charges you to transfer the funds is all that you will pay. I am assuming the seller is not in Florida anymore and hence he wants his funds wired which the title company will charge him whatever it costs to send him the net proceeds.

But it really depends what your contract of purchase says. Is the seller responsible for his closing costs or did you agree to pay all his closing costs? I will assume you are each paying your own closing costs which by now the title company should have told you in a preliminary HUD statement exactly what closing costs you will be paying and how much money you will be paying to wire the money to the Title Company.
0 votes Thank Flag Link Mon Sep 3, 2012
Thanks to both parties who have sent me a response.

The Seller and I will be closing with Total TItle Solutions (TTS) in Clearwater. I would wire the funds to the TTS bank account; TTS would wire the funds to Selle's bank account (this is my understanding).

I do understand that it is always some form of fraud or fraudulent activity that leads to the increasing number of laws/regulations.

If $30 is really all that I have to pay, that is reasonable. I suspect I may have to pay 4X that amount before all is said and done if it is my responsibility to pay to send from my financial institution; pay for TTS to receive the funds; pay for TTS to transfer funds to Seller's account; pay for his bank to receive the funds. Some banks apparently charge to receive a wire transfer. I hope I only have to pay for one transaction from my account to TTS.
My first name is misspelled: Correct Name: Claudia
0 votes Thank Flag Link Mon Sep 3, 2012
Most of the Title companies or Attorney offices on this days are asking for wire tranfer instead of Cashier checks .make sure that you are dealing with Title company or real attorney office .Il say never make a wire direct to the seller ,there are a lot of scamer out there , be carefull.
That rule is not for the condo at TOP of The word but for most of transaction in Florida .The fe for that will be $25 .I Hoppe is that my answer is helping you .Good luck with your purchase
Arian Kushta
0 votes Thank Flag Link Mon Sep 3, 2012
Assuming you're not taking a satchel full of cash to the closing, yes, wire transfers are standard now as Cashier's Checks can be bogus. Hope this helps. Linda Mitchell/Future Home Realty/727-446-8984.
0 votes Thank Flag Link Mon Sep 3, 2012
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