Confirmed Funds For Closing And Settlement Process

The bill modifies the closing and settlement procedure for real estate transactions to ensure that the funds intended to be used at closing have been:

• Received and deposited into a trust account at least one business day before the scheduled closing; and
• Confirmed as deposited and available for immediate disbursement upon the settlement and closing of the real estate transaction.

The bill takes effect September 1, 2024.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)