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Wet Vs. Dry Loans In Various States
Believe it or not, within the real estate business, these terms do not involve the sale or distribution of alcoholic drinks. It refers to the period where a new buyer can take ownership of a property as soon as a new mortgage is regarded as closed.
Depending on the laws of the specific state where the loan occurred, “wet settlement laws” need lending banks to distribute funds as soon as a certain period of time has passed from the closing date of the mortgage. Laws vary and disbursement period can range from the day of settlement to within two days of closing. Once the necessary papers have been signed, these laws shield the consumer by stopping lending banks from delaying payment.
Slang terms, “wet funding” and “dry funding” refer to the state in which the funding started. “Dry” states refer to those states where the paperwork needed to officially close a loan does not need to be concluded on the day of closing. All the necessary documents needed to close the loan must be in place and approved at the time of closure when dealing with wet funding rules.
Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, Oregon and Washington are ... more

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