Wire fraud
A scam where criminals send fake wiring instructions, often by spoofed email, to steal closing funds. Always confirm wire details by calling a known phone number before sending money.
Also called: closing scam, wire scam, email wire fraud
Related terms
The total amount the buyer must bring to closing, usually the down payment plus closing costs minus earnest money and any credits. The final figure is on the Closing Disclosure.
The neutral party who holds funds and documents, follows the written instructions of buyer and seller, and pays everyone out at closing. Depending on the state, this is an escrow company, title company or attorney.
A company that searches title, issues title insurance and often handles closing and escrow. In attorney states, a lawyer may run the closing while the title company provides the policy.
The final step of a sale, when documents are signed, money changes hands, the deed is recorded and the buyer gets ownership. In some states everyone signs at a table; in others signing and funding happen separately.