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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 24845
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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If I buy a home without a mortgage. Can I at closing pay the

Customer Question

If I buy a home without a mortgage. Can I at closing pay the current seller's mortgage directly with a bank check? Its a large amount how do I insure the closing agent doesn't run away with it?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good afternoon. No, you can not. There are specific instructions to close and typically, the money either needs to be wired or a certified bank check must be brought to the closing, for the purchase price. The money is held in escrow in the closing agents account. If they run away with it, they would be committing a criminal offense and be risking prison time, so it may not be in their best interest to do this, as they will be caught. If you have doubts about the closing agent, then in the contract, select your own and make the use of them as a condition to the purchase.

Expert:  RealEstateAnswer replied 1 year ago.

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