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Closing, Funds, Funding, Wire Cutoff, & Disbursements
In Texas, a common question Sellers ask is "when do I get my money?"
What is Closing?
Closing is the process of signing the paperwork. In Texas, it is customary for Buyer and Seller to each have their own closing appointment scheduled with Title, and to meet individually with the Escrow Officer or mobile notary to complete their document set. Closing is one step in the process that must be completed before funding can occur.
But, Title Said They Have The Wire Funds?
Yes, it is possible at any time during the transaction process a Buyer or Lender party could wire funds to Title. It isn't uncommon for a Lender to wire the Buyer's loan monies to Title in preparation for closing on the morning of the big day... but receiving a wire doesn't give Title permission to disburse funds. The closing paperwork must first be completed, and then if the Buyer is using financing for the purchase, the closing documents must be sent back to the lender for review.  Once approved, the Lender issues a Funding Number.
What is a Funding Number?
The money may be available in the escrow account, but until the Funding Number is issued by the Buyer's Lender, Title does not have ... more

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