Escrow & Title
In New York, a 'good funds' requirement at closing means:
AThe buyer must bring cash only
BFunds for closing must be in cleared, available form (certified check, bank wire, or bank check) rather than personal checks✓ Correct
CThe buyer must provide proof of good credit
DClosing funds must be held in trust for 30 days
Explanation
New York closings require 'good funds'—certified checks, bank checks, or wire transfers—to ensure funds are immediately available and cleared. Personal checks are generally not accepted because they are not guaranteed funds.
Related New York Escrow & Title Questions
- In New York, a 'condominium rider' to a title insurance policy provides coverage for:
- In New York, a 'tax title' (also called a tax deed) is issued when:
- In New York, the 'certificate of occupancy' (CO) issued by the local building department certifies that:
- In a New York sale-leaseback transaction, the property owner:
- In New York, 'marketable title' means title that is:
- In New York, a 'certificate of title' differs from a title insurance policy in that a certificate of title:
- A ALTA (American Land Title Association) survey in New York provides:
- Under New York's recording statutes, a subsequent purchaser who records first will take title free of a prior unrecorded interest IF the subsequent purchaser:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →