Closing As Seller - Cashier's Check vs. Wire? And Other Questions

[Sean Sullivan]

Hey folks - I'm selling a property that I own outright, and I have a couple of questions:

1. Should I request the funds via a cashier's check or wire transfer? The seller is purchasing with private money/ cash.

2. How do I know how much money I have to bring to the closing as seller? (I am thinking this is just transfer tax, but also may be pro-rated property taxes, though I'm not sure if I am responsible for knowing this).  

I realize these are pretty basic questions - and I did have my lawyer review the P&S, for the record. Thanks in advance for any advice!

[Emily Lopez]

I'm not sure of the rules in Maine.  Are you working without a real estate agent? If you have one, they should be willing to answer any of your questions.  If you are closing with a title company (again, don't know how it works in Maine).  If you have a title company doing your closing, or whoever your closing agent is, they should be able to tell you how much exactly you need to bring on the day of closing as it will be different daily, based off of as you said property taxes, etc.  They will likely require a certified check or money order so you need to know the amount up front.  Also, the money the buyer brings will be required to be a certified check or money order that will go to the closing company and then the closing company will issue you a check.  You're check will not come directly from the buyer so it doesn't really matter if the money is a check or a wire transfer, everything is certified and the title company will be good for the money.