In the state of Georgia, closings funds have to be “collected” funds. This means that closing attorneys can no longer accept checks (e.g., cashier’s checks, teller’s checks, certified checks or similar), except for nominal amounts.
Breakdown of Funds
Amounts Greater than $5,000: Under Georgia law, funds in excess of $5,000 must be delivered to the closing attorney in the form of a wire.
Amounts up to $5,000: Certified or cashiers checks issued by a local bank are accepted when paid to the order of either you or the law firm.
Nominal Amounts: Personal checks are discouraged since lender requirements, which vary from closing to closing, may insist on collected funds. In other closing situations, personal checks are accepted for amounts less than $100.
“Good Funds” means funds done by wire transfer, since these funds will be immediately accessible when received by the closing attorney.