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fund distribution after closing

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fbt607

Member
Is this your first sale as a real estate broker?

When you were asked how funds were to transferred you said check. But that is only the last step. They first have to be wired to the lawyer.

Have you contacted the entity that was supposed to initiate the wire?
it was wired to the lawyer but the wire yet did not go thru that's why he did not distribute the fund. I've done deals before but never encountered this thsts why I'm concerned
 


PayrollHRGuy

Senior Member
it was wired to the lawyer but the wire yet did not go thru that's why he did not distribute the fund. I've done deals before but never encountered this thsts why I'm concerned
Receiving banks generally don't sit on wires. (Says guy who receives about 30 wires into 2 different banks from probably 20 different banks every week.)
 

Zigner

Senior Member, Non-Attorney
It sounds like there was a clerical error somewhere. I wouldn't be super concerned just yet. I think I'd give it 3 business days before I got super excited about it.
 

fbt607

Member
It sounds like there was a clerical error somewhere. I wouldn't be super concerned just yet. I think I'd give it 3 business days before I got super excited about it.
heard back and you are correct. there was delays because the buyer has a very common name. went thru finally.
 

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