Why Do I Have To Pay My Closing Costs By Wire Transfer?

checkIn the past title companies and attorneys would accept cashiers checks for the closing funds.  Those days have gone thanks to some very creative counterfeiters who have been able to make excellent fake cashier’s checks.  These counterfeit checks have been found in many areas including some scams in Naples Florida and are even used internationally.

How Does The Cashier’s Check Scam Work?

Counterfeiters use the real names of professionals especially doctors living in England and other foreign countries.  These con artists pose as the doctor or professional and contact a real estate agent and ask for assistance to buy a house.  After they have found the house they want and enter a purchase contract, they ask the Realtor to put them in touch with a real estate attorney.  Then, they send a cashier’s check in a larger amount than is necessary and give a very good explanation about how they need the excess wired to a third party.  They could use the excuse that they need to purchase furniture and someone is holding the excess money for them.

What Does This Scam Mean To You?

Because of people who have taken advantage of the title companies and attorneys with counterfeit checks, it is now common practice to ask the buyer to wire the amount needed for closing.  The wire must be received and confirmed before the transaction is closed.  Make sure that you have the correct wiring instructions for the title company or lawyer before you visit your bank to arrange the transfer.  If you are coming from up north or overseas for closing and the wire transfer does not arrive, you will not be able to close on your new home in Naples and start enjoying it.  This can have very serious consequences for buyers who have made a quick trip to close on their new property.

If you would like more information about how to pick a title company or lawyer for your closing, contact me or call me at 239-601-3174.  I will be happy to help you with your choice.

Remember, it is always Toasty in Naples and you deserve your piece of Naples Florida sunshine.


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