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klutu · Joined: 18 Jul 2009 Posts: 7 3.05 Dollars($)

If we come to close a deal, who receives the downpayment?
The Seller or the Lender?
Thanks.

gmakerley · Posted: Wed Jul 22, 2009 10:56 am Post subject:

down payment is part of the purchase price. the purchase price is paid to the seller of the property, not the lender.

klutu · Joined: 18 Jul 2009 Posts: 7 3.05 Dollars($)

Thanks for your reply.
Next question, can I give the downpayment ($22k) in cash at closing day or is wire/bank transfer preferred?
Need the lender a validation? If yes, from seller or from me?

gmakerley · Posted: Wed Jul 22, 2009 1:39 pm Post subject:

cash? no way! the preferred method in my neck of the woods is bank check - not necessarily certified, but definitely a check - and not a personal check. the down payment amount would be reflected on the closing documents, so all would see it.

jk9999 · Joined: 15 Jul 2009 Posts: 111 1.82 Dollars($)

hello, my suggestion and experience is i never directly pass the money to seller , i just give it to title company/closing attorney/escrow company(it depends on you state). at the closing ,there will be a hud1 statement which is a clearly statement of who received how much from this transaction. For cash question, i never pay cash. I think check is a more convenient and safer way, why not?

livinginnky · Posted: Thu Jul 23, 2009 2:02 pm Post subject:

Pay by check and if there is a realtor involved, in my neck of the woods anyway, the real estate broker holds the down payment in there escrow account.

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