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How is the buyers purchase money held pending closing?

April 26, 2017buyer closing held money purchase

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How is the buyers purchase money held pending closing?

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A. The funds are deposited into a separate, non-interest bearing escrow account under the name of the Buyer. Unless Buyer’s funds are delivered in the form of a Certified Check, Cashier’s Check or federal wire transfer, closing does not occur until Buyer’s purchase funds are cleared.