we have dry closings and the funds get distributed a few days later for various reasons.
If you are working with a Realtor and a real estate attorney, you should be just fine.
Good Luck to you
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It's because New Mexico does not have table funding. In states that have table funding you generally get a check at closing. For example I have family in Colorado and whenever they bought or sold buyer and seller closed together and the seller got a check and the buyer got keys right at closing.
In New Mexico the mortgage lenders do not fund at closing. For several years some in the Realtor community tried to get a table funding law passed in Santa Fe with no luck. The best they were able to get was a law that said the lenders had to have funds available at the time of close, or something like that. Don't quote me; I'm no lawyer or politician. Anyway these days the transaction usually funds about one business day after the sale closes. Of course the title companies will not disperse funds until they record the sale so if funds from the lender come in late in the afternoon they won't record until the next day.
It would be nice for sellers if we had table funding (for us brokers too) but it is better than it used to be. 20 years ago when I first started in real estate it usually took a week to fund and I saw a couple that took close to two weeks.
It really shouldn't take more than a couple of business days so if you don't get your funds by two days after closing call your Realtor and the title company.
Funds are generally not available until after the transaction funds and records. This can typically occur after closing. If closing occurs late on a Friday, it may not fund until Monday.
Syan Real Estate
Call/Text: (505) 730-8181