Escrow & Title
A Minnesota closing involves a wire transfer of funds. To protect against wire fraud (a common real estate fraud scheme), buyers should:
AAlways wire funds directly to the seller's bank account
BVerify wire instructions by calling a known phone number before sending any funds✓ Correct
CUse email exclusively for wire instruction confirmation
DTrust all wire instructions received via email from the closing agent
Explanation
Wire fraud in real estate is a serious and growing problem in Minnesota. Fraudsters intercept email communications and send fake wire instructions. Buyers and other parties should always verify wire instructions by calling the closing agent at a phone number they independently verified (not from the email), never from a number provided in the wire instruction email. Millions of dollars are lost annually to real estate wire fraud nationally.
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