If it hasn’t happened to you yet, it will at some point. For a whole host of reason, mostly involved with hearing the wrong number, getting 3, 5, and 8 confused, or other innocent human oops, a buyer may not bring enough to the table.
The standard way to accept funds for closing is by cashiers check or wire. For significant amounts of money, closing can be delayed as another check it brought or wire is sent in, but what if there are just a few dollars missing?
Florida Administrative Code 69O-186.008 gives settlement services providers another option for small amounts. As per paragraph 1.(g), personal checks are acceptable the day of closing if;
“The deposit is made by a personal check in an amount not to exceed $500 when the title insurance agent or title insurer has a reasonable and prudent belief that the instrument will clear and constitute collected funds in the trust account within a reasonable period of time.”
We can’t accept a personal check for more than $500, but for $21.37? We can do that.
My Agent Greg 