The MAR (Maryland Association of Realtors) recently updated its Residential Contract of sale and I've already gone awry; the revised contract was effective October 1st and I've had to re-write a couple that were in process.
Although there were several notable changes, one item remained the same. It's on the very first page, regarding the balance of the sales price (minus deposit(s)) being paid at the settlement table by means of certified check, wired funds, bank funds, or just plain ole cash. I'm paraphrasing.
Interesting that this one is clearly stated and unchanged. Perhaps others have experienced a buyer arriving at the closing table without certified funds? It never really stood out to me before recently. I must admit, I've been helping Marylanders buy and sell real estate for many-a-year and this was the first year that I (and my seller) sat at the table waiting patiently for the buyer and her agent (who were significantly late BTW) to arrive only to have the buyer exclaim -
"I'll be right back. I have to go to the Wachovia around the corner."
I kid you not.
Granted, to fully explain how we all got here (me at the settlement table with my mouth hanging open), I'd need to take a very convoluted path, indeed (and you know how I endeavor to keep it short, sweet, and to the point-LOL!) -- but the bottom line is, up until an hour before settlement, the buyer had no idea that certified funds were needed to settle on her home that day.
So, I'll throw this one out to you guys -- Who do you think is responsible for this oversight? The buyer, her agent, the lender...it's your call.
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