Pioneer Title Agency In the News

October 16, 2019
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Good Funds – What you Need to Know

When bringing your closing funds to the table, it is essential to know that not all payment types follow the same timeline. 


Depending on what you bring in, it could cause a delay in closing. 

Arizona law requires that escrow agents not disburse money from an escrow account until funds related to the transaction have been deposited and are available.

Pioneer Title’s Guidelines Concerning the Availability of Funds: 

All available dates are based on funds deposited in our bank. The following information outlines the availability of the most common types of deposits.  

To avoid delays of two to seven days or more, whenever possible please use

  • Wire transfers
  • Cashier’s checks
  • Certified checks
  • Official checks
  • Teller’s checks 

Note: Funds deposited late in the day may be considered deposited on the next business day.

**Large deposits (greater than $5,000): Any amount exceeding $5,000 may be held up to (7) seven business days.

deposited into an escrow account be “available” before being disbursed to satisfy the closing obligations of that account. This law follows “Federal Expedited Funds Availability Guidelines” (PL 100-86; 101 Stat. 635, 12 United States Code Section4001).

Note: To avoid delays of two to seven days or more, please use wire transfers, cashier’s checks, certified checks, official checks or teller’s checks when possible.

A.R.S. § 6-843 requires that all funds

A.R.S. § 6-843 requires that an escrow agent disburse money from an escrow account only if funds are deposited and available for withdrawal. Availability of funds is determined as follows: (i) WIRE TRANSFERS and ELECTRONIC TRANSFERS are available for SAME DAY disbursement. (ii) C A S H I E R’ S CHECKS, CERTIFIED CHECKS, OFFICIAL CHECKS, and TELLER’S CHECKS are available for SAME DAY disbursement.