Good Funds Law

The parties agree and acknowledge that I.C. 27-7-3.7 requires that money funding a purchase of real estate must be submitted to the title company and/or closing agent by an irrevocable wire transfer, if the amount is $10,000.00 or more. If either party is required to bring an amount to closing of $10,000.00 or more, such party must make arrangements to have such party’s bank forward the funds to the title company and/or closing agent by an irrevocable wire transfer. A certified, cashiers or bank check can no longer be accepted for amounts of $10,000.00 or more. The parties further agree and acknowledge that if the title company and/or closing agent does not have the funds in its escrow account prior to or at the time of closing, the closing will be considered a “dry closing”, and no funds will be disbursed until the title company and/or closing agent receives the funds through an irrevocable wire transfer. In the event that any party is required to bring an amount in excess of $10,000.00 to closing, such party should contact the title company and/or closing agent to obtain the appropriate wiring instructions.

If the amount which either party is required to bring to closing is less than $10,000.00, satisfactory methods of payment include: (i) United States Currency, (ii) wired funds, and (iii) certified or cashiers check drawn on an existing account at a bank, savings and loan, credit union or savings bank chartered under the law of a state or the United States. Such party can contact the title company and/or closing agent to obtain a list of other satisfactory methods of payment.