If you write a check for $387,860.58 how do they know if you have the funds?
If You buy a home in cash and write a check for the full amount but really you only have $2.49 in the checking account
What happens you sign the check it takes a few days to clear , you celebrate and then 3 days later you say ohhhhhh shhhhhhucks...
Then When check bounces you be like “ohhhh I transferred the funds to crypto I’ll get them back don’t worry ....then at that point you say
“This now my home and you can’t enter it without a search warrant
See you can pull this off ? Or no
- STEVEN FLv 74 weeks ago
They don't. That is why a personal check WILL NOT be accepted at closing. If you don't use a CASHIERS CHECK, or other VERIFIED funds, the closing WILL NOT HAPPEN.
Also note: If you write a check you KNOW won't clear, you WILL be charged with criminal fraud.
- MarkLv 74 weeks ago
You go to jail if you pull a stunt like that. You probably WOULDN'T go to jail (but they'd hold the cheque or your bank you'd write a cashier's cheque if you had $380,000 in the bank, but still, they wouldn't be happy.
- JohnLv 44 weeks ago
Your conveyancing lawyer / solicitor would handle it all. You do not exchange contracts until the money is in the client account of the lawyer / solicitor. Then the money is transferred to the seller. Then you get the keys.
So no purchase can take place based on a bad check.
- curtisports2Lv 74 weeks ago
You never get to write the check. It would never get to closing. Your offer would only be accepted upon verification of the funds. No seller's attorney would order the various pre-closing paperwork - which incur costs that must be paid for - without verifying funds on an all-cash offer. Do you really think people are that stupid?
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- DON WLv 71 month ago
Where I live in the US, there's a "settlement meeting", where your bank wires the amount due to the seller. No checks change hands. If the required amount isn't wired, the settlement does not happen, and the house isn't purchased.
- Christin KLv 71 month ago
No. You don't get the keys to your "new home" until your money transfers. If you write a bad check you can be prosecuted for fraud.
It's not even remotely possible.
- garryLv 61 month ago
its called deception , you end up in jail , best part is they have tp cloth you , accomidate you and feed you , all free of charge , simple isnt it .hope you like your 10 year holiday ..😁😁😁😁😁😁
- JudyLv 71 month ago
No, they would require a certified check
- jimanddottaylorLv 71 month ago
It is not your home until you pay for it and receive the title. You do not receive the title when you hand them the check. You get it when the check clears. And they will check on your bank account before you leave the building. This may be your first rodeo, but it is not theirs ......unless you are dealing with someone who is even more of an imbecile.
- Anonymous1 month ago
In my country, we have to pay with a bank cheque which the bank issues for a small fee only if you have the funds to begin with. A bank cheque does not bounce.