Protect yourself from wire fraud
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If you plan to wire funds to the title company to fund your purchase, it’s ideal to initiate the wire 24 hours in advance to ensure it arrives in time for closing. If you are purchasing the property as a cash transaction, the title company will provide the amount of funds needed. If you’re purchasing with a loan, both the lender and the title company’s figures will need to agree before you’re notified of the amount needed for closing.
Wire fraud has unfortunately happened across the nation and in Central Oklahoma. We want to make you aware of best practices to minimize your risk. No one from our office will ever send you wiring instructions.
The title company’s office will send you wiring instructions. Scammers may try to spoof the title company’s letterhead and add their phone number, so we ask that you add the title company’s contact information before receiving wiring instructions and then call the title company to verify the information is correct.
Scammers sometimes provide a last-minute wire transfer change. If you receive any changes to the original wiring instructions, be warned that this may be the work of a scammer. If that happens, contact the title company immediately, and also please alert us.
Please verify that the title company has received your funds. In order for settlement to occur, the title company must receive: your wired funds, seller’s signed documents and any funds (if required), and your signed documents.
We encourage you to watch this video about wire fraud from the National Association of REALTORS®.
