If you have a buyer who is overseas or not a USA national and they don’t have an account at a bank in the USA, do you know how they are going to access their proceeds for closing?
If they have an account at an USA bank, there won’t be a problem. If their money is overseas, there could be significant issues.
First, we require buyer’s funds in US Dollars to close. We can accept, in some cases, a wire from a non-USA banking institution in US Dollars, but not all. If your buyer wants to use a foreign bank, get their banking information to us and we will let you know if their bank qualifies. If their bank is OK, ensure you have our “International Wiring Instructions.” Allow more time as well. Unlike wire transfers coming from inside the USA, international wires can take from 3 to 7 working days before they are available for closing.
If buyers want to avoid a wire and use a certified check, then it needs to be from a USA banking institution.
The best plan is to have your buyers use a US bank and have their funds transferred early on so it is ready at closing day.
Do you have a non-USA citizen buyer? No worries, there are just a couple of things you need to keep in mind to make sure the transaction goes as smooth as any other transaction.
As you’re finalizing your contract, make sure your customers know what can happen if there is a binder dispute.
Existing or new, there is a reason lenders require surveys. They want to make sure that they are making a smart business decision when they write a loan. Though not required for a cash closing, wouldn’t buyers want to make sure they a making a smart business decision when they buy?
Do you have a non‐USA citizen buyer? No worries, there are just a few things you need to keep in mind.
Are there problems with a property that a title search cannot reveal?
If a buyer takes out a mortgage loan to buy a property, the lender will require a lender policy (also called a loan policy or mortgage policy) of title insurance. This protects the lender’s interest in the property until the loan is paid off or refinanced – then it goes away. It only protects the lender. The interest of the buyer is only protected by an owner’s policy.
When you say “Quick” – people think that it is a way to make things move fast. In a fashion, it does, but it doesn’t describe its function. “Quit” is the critical word, in that it accurately describes what is going on. It also helps define what makes it different than a Warranty Deed.
My Agent Greg 