Closing funds vary from transaction to transaction - in some cases the buyer/seller or borrower may be receiving funds from closing and in other cases the buyer/seller or borrower may be bringing funds to closing. Title | Pipe™ enables the buyer/seller or borrower to quickly and easily determine whether they will be receiving funds from closing or bringing funds to closing. Estimated Closing Costs are attached to the transaction details and made available to the appropriate transaction participant (buyer information is made available to buyers only, sellers information to sellers ect).
Buyers/Sellers and Borrowers can quickly and easily determine funding amounts and how to send or receive funds by simply selecting the "Funds" tab in the right-side panel of the transaction details page. More specifically:
- Log in to Title | Pipe™ and select the appropriate transaction
- On the right-side panel, select the "Funds" tab
- The funds tab will default to "Receive Funds from Closing" if you are to receive funds to closing OR "Send Funds to Closing" if you need to bring funds to closing.
- If you are Receiving Funds from Closing, you will need to select the payment method you prefer and provide the appropriate funding details. If you have any questions regarding these methods you will need to contact your Escrow Officer/Settlement Agent directly.
- If you are Sending Funds to Closing, you will be provided with a list of funding methods available to send your funds. Open the "View" icon to see the specific funding instructions associated with each method.