What happens if Sunwest Trust receives a Purchaser’s check back from the bank due to insufficient funds?
Normally, payment is sent to the Seller/Mortgagee before a Purchaser’s check has cleared the bank. The Escrow Agent may then assess a service charge and/or require cure for the returned check in the form of certified funds (cash/certified check/money order). The agent may also have a policy requiring future payments to be made with certified funds. Since each case is unique, in the event this situation arises, contact Sunwest Trust directly.
