Escrow & Title
A wire transfer of closing funds is typically required for larger transactions because:
AChecks are not accepted at any Arkansas closing
BWire transfers provide cleared, same-day funds that allow immediate disbursement after closing✓ Correct
CAREC requires wire transfers for all transactions
DWire transfers eliminate all closing costs
Explanation
Wire transfers provide same-day cleared funds, enabling the title company to disburse proceeds (pay off existing mortgages, pay the seller) immediately after closing without waiting for check clearance, which reduces risk and allows same-day recording.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
State-Specific Concepts
AREC Regulation
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