Lavonne,
To answer your question: I disburse at the table as required. Have been doing this since 2003.
All funds are received prior to going to closing or are collected at the closing table in "Good Funds" form and all checks are cut and delivered at the closing table or if the seller would like a wire then I wire by then end of the next business day. If funding authorization is required by the lender before disbursing then the required funding docs are sent from the the closing table.
This is why;
In a "wet funded" states (PA is wet funded) you must disburse the funds before the ink is dry on the paper. An old school term for sure. To do this a bringdown must be done the day of closing to address anything that may have appeared on the record since your search was done.
In the case of a sale, the seller must receive their funds at the closing table either by check or wire transfer when they deliver the deed to the buyer/the closing agent to complete the transaction. Typically the buyer can not have access to the property until the seller has received their funds.
In the case of a refinance, all funds must be disbursed on the funding date. The fund date will be three business days after closing at the end of the right to rescind period if the property is Owner Occupied or at the closing table for investment property.
I am in PA so recording is a race to the court house. e-recording can be very helpful.
In the case of purchase money mortgages we have 10 days to record the Purchase Money Mortgage and maintain our first lien position.
I hope this helps.
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Robin Myerski
Title Agent
Elite Closings, LLC
Mars PA
+1 (724) 687-0421
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Original Message:
Sent: 01-13-2023 10:37
From: Lavonne Nightingale
Subject: Disburse before Recording
Good Morning,
How does everyone handle their proceeds disbursement? We usually handle the closing, record, then print all checks including the proceeds. Lately we've had a few questions about why we do it that way (after 17 years) and we simply tell them it helps with the possibility of something getting recorded in front of our deed, mortgage, etc.
Thank you,
Ragena Belden
Cloud Republic County Title, LLC
Concordia
607 Broadway
Concordia, KS 66901
(785) 262-4462
Belleville
1806 M St., Suite 105
Belleville, KS 66935
(785) 527-2575
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