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REAL ESTATE CLOSING

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REAL ESTATE CLOSING Powered By Docstoc
					REAL ESTATE CLOSING

DISBURSEMENT DISCLOSURE
PLEASE READ CAREFULLY!!! On October 1, 2005, the South Carolina Supreme Court implemented an amendment to the Rules of Professional Conduct of lawyers. Specifically, Rule 1.15(f) and Rule 407, SCACR, have been amended in a fashion which restricts the manner in which an attorney may disburse funds from a trust account. The Amendments require an attorney to ensure that any funds that are deposited into their trust account be verified as collected funds prior to disbursement. While this is not applicable to funds that are wired into the attorney’s trust account (wired funds are verified as “collected” upon receipt into the account), this requirement applies to ALL checks, including those from financial institutions, lenders, banks, cashier checks, certified checks, etc., if they exceed $5,000.00. Obviously, most real estate transactions will exceed $5,000.00 in funds. Most Certified Checks, Cashier’s Checks and checks from Financial Institutions, not including brokers or other lenders, will take three (3) business days to clear the payor’s bank wherein those funds become recognized as “collected” funds in the attorney’s trust account. Other forms of checks, including brokers or other lending institutions, may take as much as five (5) business days, or more, to clear the payor’s bank before they are recognized as “collected” funds in the attorney’s trust account. If in the course of this transaction, ANY checks are received by the closing attorney to be deposited into his trust account to fund this transaction, DISBURSEMENT OF FUNDS WILL BE A MINIMUM OF THREE (3) BUSINESS DAYS, AND IN SOME INSTANCES FIVE (5) OR MORE BUSINESS DAYS, FROM THE DATE THE FUNDS ARE DEPOSITED INTO THE TRUST ACCOUNT. Please see back for additional information.
I COMPLETELY AND FULLY UNDERSTAND AND AGREE WITH THE FOREGOING. ___________________________________________________ Seller(s) ___________________________________________________ Purchaser(s) / Refinancer(s) In witness thereof: _________________________________
ARP Disbursement Form 12.05

_______________ Date _______________ Date

ADDITIONAL INFORMATION ON DISBURSMENT OF FUNDS IN REAL ESTATE TRANSACTIONS The easiest way to avoid delays in disbursement of funds in real estate transactions is to wire funds directly into the closing attorney’s trust account. Wired funds, upon receipt, are viewed as “collected” funds in accordance with the amendments to the Rules.

Wiring instructions for Anthony R. Plante, Esq., Real Estate Trust Account:
Acct Title: Anthony R Plante, Esquire Real Estate / IOLTA Acct P O Box 11006 Columbia, SC 29211 5122868437 053101121 B B & T of South Carolina 1901 Assembly St Columbia, SC 29201

Account #: ABA #: Bank Name:

Bank Contact: Kathleen Garcia Columbia SC Business Loans 803-251-1353 803-251-1776 Fax Real Estate Closing Attorney for Firm: Anthony R. Plante, Esq. S.C. Bar #17278 HOLLER DENNIS CORBETT ORMOND PLANTE & GARNER EIN# 57-0743944

Back to Back Closings????? PLEASE READ!!!! If you are in back to back closings where you need the money from the first closing to go to a second closing, you are encouraged to make sure that the parties involved are utilizing wired funds to fund the first transaction. While the closing attorney will attempt to make sure that the parties use wired funds in transactions, THE ATTORNEY IS NOT RESPONSIBLE FOR ANY DELAYS IN DISBURSEMENT OCCASSIONED BY THE USE OF PAPER CHECKS, REGARDLESS OF THE ISSUER. If this is an issue that you are concerned with, you MAY make the use of wired funds a requirement as a part of your contract for the purchase and sale of real estate. The closing attorney can send wired funds to your account at the time of the closing disbursement. There is a $35.00 wire fee that will apply to all outgoing wire transfers and this fee is payable to the closing attorney. Please let us know in advance if you will need for us to wire outgoing funds at your closing. If you do, you will need to provide us with information to send the wire and we will be happy to supply you with a form and you will be required to sign an authorization for the closing attorney to send the funds via wire to the account you designate. The attorney will not be responsible for any funds once they are wired to the account you designate and authorize.


				
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