When Will I Get My Check From My Title Company?

Selling a house, or helping someone buy or sell their home if you are a Realtor, can be an exciting time. One of the most common questions we get from Realtors and home sellers alike is “when will I get my check?”

This is understandable as there has been a lot of work and patience to get the transaction done. Plus, who doesn’t like a payday!

WHEN WILL I GET PAID?
We make every effort to pay all of the parties involved as quickly as possible. In most cases, this will be the same day the transaction closes. However, this can vary based on the day or time of day the closing occurs. For example, closings that happen later in the day may not disburse until the following business day due to the various wire transfer cutoff times of different banks.

That said, here is when you can expect to be paid for your closing or your commission if you were part of helping a transaction become a done deal:

SELLERS & REALTORS
If you are owed net proceeds from the sale of a house, or a Commission as Realtor, you can usually expect a check or wire transfer to be issued the same day.

Of course, if you are out of town and desire a check, the check will be sent via overnight delivery for the next business day.

If you’d like to receive the funds very quickly, it might be a good idea to select a Monday-Thursday closing date and a closing time earlier in the day. Keep in mind that most closings in our market are split closings, which means that the buyer and seller close at different title companies or attorney offices. Therefore, to maximize the chances of being paid the same day as closing, both parties should close earlier in the day.

PAPER CHECK VS WIRE TRANSFER
Either form of payment is available. In making your decision about which one you want, keep in mind that there may be additional fees charged by your bank to receive a wire transfer. However, the advantage of the wire transfer is that you get immediate credit for the money from your bank, which means you can spend the money immediately. This may be important if you need that money to purchase another home somewhere else. With a check, your bank may place a hold on that money until the check has cleared. Also, there is a heightened risk with wire transfers due to potential fraud, so processing the wire transfer may be delayed to avoid that fraud with additional verifications and approvals. Please contact your bank to determine which form of payment is better for you. We are also happy to answer any questions you may have.