Step 26: Make your down payment

You won’t often know until the day before or even the day of your signing appointment the exact amount of money that you need to bring to closing. Be prepared to have to go to a bank in that time period to either get a check or wire the funds over to the escrow company. Before then you’ll have a very good estimate of the funds but it won’t be exact. The escrow officer must get the loan documents in order to accurately generate the settlement statement. Once this is done they’ll get in contact with you and we will get a copy of the estimated settlement statement for review as well.

Both a cashier’s check or wired funds are usually acceptable by the escrow company, but you can check with them. Wiring instructions will come ONLY from the escrow company and please note that there has been a HUGE increase in wire fraud recently. Before sending ANY funds call the escrow officer to verify the wiring instructions and fund amount. Criminals have been sending emails to Buyers with spoofed email addresses that appear to come from the agent or escrow company but they have false instructions which send the money to their accounts. They’ve even begun to call Buyers directly now pretending to be the escrow company. Please note that we will never send you wiring instructions and to ALWAYS call the number you’ve verified is for the escrow company before sending in funds through a wire. People all across the country, including here in Tucson, have lost tens of thousands of dollars to these criminals. If possible it’s probably safer to simply get a cashier’s check if the escrow company will accept it for your dollar amount to avoid any fraud.

AAR Residential Purchase Contract - Down Payment
AAR Residential Purchase Contract Lines 26-31

Next: Attend the walkthrough