“They say money can’t buy everything. But, it is pretty important when you are buying a house.”-Gillen Joachim
There are a lot of moving parts when it comes to a home purchase; movers, utilities, pets, kids, schools, signing documents, and oh yeah, the money.
In Georgia, any amount over $5,000.00 that is required for the purchase and sale of real property must be in the form of a wire or other “Good Funds.” This is in fact a law in Georgia, which can be found at O.C.G.A. Section 44-14-13.
If the funds are less than $5,000.00 it is the closing firm’s discretion to accept funds in a form other than a wire.
Our firm sends out wiring instructions to all parties in our initial communications. Recently there has been a rash of reports where agents’ emails have been hacked or ghosted (a fake but similar email address created) and “updated” FAKE/SCAM wiring instructions are sent to a buyer. It is imperative to independently call and verify wiring instructions for your closing attorney.
Additionally, there is a process similar to wiring called ACH transfers. These are not considered Good Funds in Georgia and should not be used to send funds for a real estate purchase.
As always, at Ganek, PC we have trained and helpful attorneys and staff to assist you with questions on this or any other topic related to real property purchases in Georgia.