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Protecting Your Security Deposit

Protecting Your Security During Closings
Read These Tips to Protect Yourself During Your Closing

It’s important that buyers and sellers learn how to maintain security throughout the entire closing process, particularly surrounding the wire transfer of funds.

What is a Wire Transfer?

A wire transfer is the electronic transfer of funds from one bank or credit union to another. Usually wire transfers or cashier’s checks are the only options for exchanging money in the purchase of a home because the money is transmitted within one to two days.

What is the Safest way to Transmit Information?

When closing, never communicate wire instructions via email. Always do this over the phone. Phishing scammers could convince you to send sensitive bank account information by posing as an escrow officer.

The email scamming you could contain information that appears to be correct. Do not trust this - it’s better to be safe than sorry. Reference the original, printed contract given to you by the title company for phone numbers. Contact your realtor if something seems off with communication from the title company to re-verify the title company’s contact information.

How do I Identify Potential Email Fraud?

Major red flags in emails are:

  • Frequent spelling errors
  • A logo that looks odd or askance in some way
  • Lack of a notice about fraud at the bottom of the email
What Could Happen if I’m not Careful With Wire Transfer Information?

If a criminal manages to scam you and steal your bank account information, they can drain your bank account and leave you with nothing. If wire fraud happens to you, you should report it directly to the FBI.

What Our Clients Say About Us
"Alejandro Jordan came to us highly recommended through one of our clients and we were thoroughly impressed by his services. We've gone through many lawyers and found that Alejandro was professional, detailed and knowledgeable in his work. We will definitely use his services again." L.T.
"My experience with Jordan Lawyers was impeccable. They were helping me during my house hunting as the title agency. The level of commitment, support and professionalism exceeded my expectations. I recommend this firm without any doubt to all who need legal council during house hunting." L.L.
"Alejandro was very courteous and professional while offering me very detailed rental property advice, would advise anyone going through a unstable financial situation to reach out he is a great lawyer." M.V.
"I worked with "Esq Title" on my refinance and was extremely happy with the service provided! Alex and his team made the closing seem-less and prepared me for what's to come." J.K.
"ESQ.title is a great law firm that has helped us with several real estate needs, from closings to specific needs. Every time we work with them we engage them with peace of mind that their work will be top quality with reasonable fees." B.P.