Why can the Escrow Officer accept a personal check at the time of closing?
An Escrow Officer is only allowed to close an escrow when all deposited funds have been collected or cleared. Deposits by personal check are subject to clearance and verification of payment by the financial institution on which the funds were drawn. The check clearing process may be delayed one (1) to ten (10) business days if the check is drawn on an out-of-state bank. The Escrow Officer will request closing funds in the form of a wire transfer or cashier’s check in order to prevent closing delays.
