Asked and AnsweredThe contract requires “official bank funds” in the form of certified or official bank checks. Can I bring “official" checks from my brokerage account?
No. Official funds, means just that, funds certified by the bank against a depositor's account or actually written on the bank’s account, called “official bank checks”. The contract will also require checks to be drawn on a New York bank account. Arrangements should be made sufficiently in advance of the closing, so that both the buyer and the buyer's bank have sufficient time to obtain the official bank checks needed for the closing. There are exceptions, where attorney trust account checks or out of state bank checks may be accepted, but those instances are the exception and not the rule. Delivery of attorney's checks or out of state funds should be discussed before folks are sitting at the closing table.