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“Good Funds” Section of the Title Insurance Act

This Act places limitations upon our ability to accept certain types of deposits into escrow.

Effective January 1, 2010, the “Good Funds” Section of the Title Insurance Act (215 ILCS 155/26) will require all title companies to only accept funds according to certain guidelines.

Bray Title will accept the following:

1. For amounts up to $1,000, personal checks will be accepted.

2. For amounts $49,999 and less, Bray Title will accept:

a. Wire Transfer or

b. Cashier’s Check

3. For amounts $50,000 and greater, only Wire Transfers will be accepted.

4. “Good Funds” (Wire Transfer or Cashier’s Check) will be required from sellers for any amount owed at closing.

For more information about special exceptions, please contact Bray Title Services regarding the application of this new law to your transaction.

We appreciate your business!

Bray Title Services

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