Closings glossary
Wire fraud
A fraud in which spoofed or compromised email redirects closing funds. Verifying instructions by phone at a number obtained independently is the standard defense.
How does closing wire fraud happen?
Quick Answer
The full definition
A fraud in which spoofed or compromised email redirects closing funds. Verifying instructions by phone at a number obtained independently is the standard defense.
Where does wire fraud come up in a New York City closing?
A buyer receives updated instructions the night before a Queens closing, calls the number on the earlier signed retainer, and learns they were fake.
What else should you read before closing?
In the glossary
- Wire instructionsThe bank routing and account details used to send closing funds. Independent phone verification, not the contact details in the email itself, is wh...
- Closing protection letterAn underwriter's letter covering a lender or buyer against defined misconduct or error by the settlement agent handling the closing funds and docum...
- Escrow (at closing)Funds or documents held by a neutral party until stated conditions are satisfied. At a New York closing it usually means a holdback from proceeds u...
- Closing statementThe itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer m...
- Clear to closeThe point at which lender conditions are satisfied and the transaction can be scheduled and funded. Title clearance and payoff figures usually have...
Questions this raises
- How do I avoid wire fraud at a closing?Closing wire fraud starts with a spoofed email changing account details. Verify by phone at a known number, confirm digits, and act fast if funds a...
- What do I need to bring to a closing in NYC?Photo ID, funds in the form the agent instructed, a checkbook for adjustments, and every signer. The New York City closing checklist for buyers and...
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