Closings glossary
Wire instructions
The bank routing and account details used to send closing funds. Independent phone verification, not the contact details in the email itself, is what confirms them.
How do I verify wire instructions before a closing?
Quick Answer
The full definition
The bank routing and account details used to send closing funds. Independent phone verification, not the contact details in the email itself, is what confirms them.
Which related terms should you know?
These are the terms that come up alongside wire instructions in the same file.
- 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.
- Closing protection letter
- An underwriter's letter covering a lender or buyer against defined misconduct or error by the settlement agent handling the closing funds and documents for a transaction.
- 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 under a written escrow agreement.
- Patriot search
- A search of federal sanctions lists confirming that no party to the closing is a blocked person. Common-name matches are cleared with identifying details.
- Closing statement
- The itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer mortgage closings pair it with the Closing Disclosure.
Where does wire instructions come up in a New York City closing?
A Manhattan buyer confirms the account by calling the number printed on the retainer signed two months earlier, rather than the number in the email.
What else should you read before closing?
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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