You’ve just closed the sale on your land and the title insurance company is wire transferring the money to your bank. The funds will be available to you within hours. In 99 % of the time all goes smoothly, but, there are reports where it hasn’t!
Recently, Lloyd Wurdack, President Franklin County Title Insurance Company in Union, Missouri, described to me cases where sellers and/or real estate company’s computers were hacked. The wire transfer instructions were changed, directing the funds elsewhere.
Mr. Wurdack stated there are procedures to prevent this from happening. Send the wiring instructions by either fax, in person, or US mail. Or, you could wait 7-14 days while the bank holds the title company cashier’s check.