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Hold That Check

By
Real Estate Broker/Owner with Crossroads Real Estate LLC

I was just informed there is a new federal law requiring Brokers to hold checks from Title Companies for 10 working days to allow Federal offices to certify the source of the funds. These are certified checks from title companies we refer to as, our commission checks. Has anyone heard of such a thing?

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Dennis Herman Crossroads Real Estate LLC Howards Grove, WI

Phone: 414-426-1784 

Comments (2)

Jack Mossman - The Nines Team at Keller Williams in Stockton
The Nines Team At Keller Williams - Stockton, CA
The Nines Team at Keller Williams in Stockton

Dennis - I'm be watching this post for responses ... this is news to me, and I'm not sure I like it ... but perhaps we're missing something!  Thanks for sharing ..

Aug 28, 2016 04:33 AM
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

I have not heard of this at all. If the law is in place, I have yet to see that actually happyen. Sounds kind of rediculous to me. The checks I get from title companies are available for me the very next day. 

Aug 28, 2016 06:46 AM