Definition
Electronic transfer of closing funds between buyer's lender and title company/closing agent.
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Wire transfers move large sums electronically ensuring funds arrive for closing. Wire transfers are faster and safer than cashier's checks. Buyers must verify wire instructions from legitimate sources; scammers impersonate title companies requesting wire fraud.
Pro Tip
Verify wire instructions directly with title company; never wire based on email instructions; scammers impersonate title companies.
Example
Lender wires $400,000 closing proceeds to title company 24 hours before closing, ensuring funds are available