REAL ESTATE A course for Real Estate Title

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REAL ESTATE A course for Real Estate Title Agents PRESENTED BY JACK OWNER CARTER,

REAL ESTATE A course for Real Estate Title Agents PRESENTED BY JACK OWNER CARTER, & CEO ESQUIRE and

REAL ESTATE How do I pay for it? Certified check or wire transfer.

REAL ESTATE How do I pay for it? Certified check or wire transfer.

REAL ESTATE Certified check or wire. Got it, thanks. A N D T H

REAL ESTATE Certified check or wire. Got it, thanks. A N D T H A TI S H O WT O P A YF O R R E A LE S T A T. E

REAL ESTATE T HE END. A NY QUESTIONS ?

REAL ESTATE T HE END. A NY QUESTIONS ?

REAL ESTATE How do I pay for it? Certified check or wire transfer.

REAL ESTATE How do I pay for it? Certified check or wire transfer.

REAL ESTATE How do I pay for it? Let’s talk about which option is

REAL ESTATE How do I pay for it? Let’s talk about which option is best for you.

REAL ESTATE How do borrowers have to pay? There is only one requirement and

REAL ESTATE How do borrowers have to pay? There is only one requirement and it’s simple. The buyer must pay with….

REAL ESTATE The buyer must pay with….

REAL ESTATE The buyer must pay with….

REAL ESTATE The buyer must pay with…. good funds.

REAL ESTATE The buyer must pay with…. good funds.

Goal for Today: I n f o. REAL r m y o. ESTATE u

Goal for Today: I n f o. REAL r m y o. ESTATE u about the ever-growing list of payment options available to consumers so that you are better able to serve your clients.

REAL ESTATE Sub- Goal for Today: None of you will ever use the phrase

REAL ESTATE Sub- Goal for Today: None of you will ever use the phrase “Certified check or wire transfer” again.

C OURSE O VERVIEW Good Funds What are they? Why they’re required Why do

C OURSE O VERVIEW Good Funds What are they? Why they’re required Why do you care? Payment Puzzle EMD Financing Down Payments 15 potential options. Wires, Checks, ACH, Cash, Money Order, Credit Card, Venmo, Paypal, Cash. App, Zelle, Bitcoin, Foreign Currencies Other Wire Fraud How to recognize & avoid Honorable Mentions Q&A

G OOD F UNDS Born out of the Code of Federal Regulations 12 C.

G OOD F UNDS Born out of the Code of Federal Regulations 12 C. F. R. 229 Funds must be immediately available for withdrawal. Funds may not be cancelable or subject to a clearing period.

S IDEBAR Why do funds need to be immediately available? I’m so glad you

S IDEBAR Why do funds need to be immediately available? I’m so glad you asked.

S IDEBAR The purchase and sale of the house happen at the same time.

S IDEBAR The purchase and sale of the house happen at the same time. This is what lawyers call “Simultaneous Performance. ””

S IDEBAR This sale is final. No contingencies. No backsies!

S IDEBAR This sale is final. No contingencies. No backsies!

G OOD F UNDS Consumers love choices: 31 Varieties of ice cream 57 Varieties

G OOD F UNDS Consumers love choices: 31 Varieties of ice cream 57 Varieties of ketchup More than 600, 000 ways to order a burrito

G OOD F UNDS Consumers love choices: The ideal choice for one consumer is

G OOD F UNDS Consumers love choices: The ideal choice for one consumer is unworkable for W e h a v e a n o balni g o at ht ieor n. t o a s s i s t o u r clients in meeting their obligations in the way that is least inconvenient for the client. Payment choices empower us and our clients.

G OOD F UNDS G o o d f u n d. R s

G OOD F UNDS G o o d f u n d. R s ea c r ea p required to meet the buyer’s obligation to perform. Good funds must be immediately available. More options = more convenience

C OURSE O VERVIEW Good Funds What are they? Why they’re required Why do

C OURSE O VERVIEW Good Funds What are they? Why they’re required Why do you care? Payment Puzzle EMD Financing Down Payment T h T i h s i s P h P o h Down Payments 15 potential options. Wires, Checks, ACH, Cash, Money Order, Credit Card, Venmo, Paypal, Cash. App, Zelle, Bitcoin, Foreign Currencies Other Wire Fraud How to recognize & avoid Honorable Mentions Q&A

REAL ESTATE Poll Question To buy a house, the buyer must pay with: A.

REAL ESTATE Poll Question To buy a house, the buyer must pay with: A. Certified Check or Wire B. Good Funds C. Monopoly Money

Earnest Money Deposit Financing Down Payment THE PAYMENT PUZZLE

Earnest Money Deposit Financing Down Payment THE PAYMENT PUZZLE

THE PAYMENT PUZZLE - EMD Earnest Money Deposit Can be any amount May it

THE PAYMENT PUZZLE - EMD Earnest Money Deposit Can be any amount May it be $0? Usually paid by personal check*

THE PAYMENT PUZZLE - FINANCING Mortgages, the backbone of real estate Virtually always paid

THE PAYMENT PUZZLE - FINANCING Mortgages, the backbone of real estate Virtually always paid by wire Rarely paid by check

T H E P A Y M E N T P U Z Z

T H E P A Y M E N T P U Z Z L E– DOWN PAYMENT Made at or before closing Can range from very small to very large amounts Must be paid with good funds.

C OURSE O VERVIEW Good Funds What are they? Why they’re required Why do

C OURSE O VERVIEW Good Funds What are they? Why they’re required Why do you care? Payment Puzzle EMD Financing Down Payments 15 potential options. Wires, Checks, ACH, Cash, Money Order, Credit Card, Venmo, Paypal, Cash. App, Zelle, Bitcoin, Foreign Currencies Other Wire Fraud How to recognize & avoid Honorable Mentions Q&A

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order Credit Card Venmo Paypal Bitcoin Foreign Currencies Other

O - W A wire transfer is an e l e PTIONS c t

O - W A wire transfer is an e l e PTIONS c t r o n i c t r a n s f e r o f. IRES funds from one bank to another. Wires are inexpensive, fast and final. Good funds, more like great funds. *

O PTIONS- W IRES May be problematic for consumers. Unfamiliar Inconvenient Expensive Wire Fraud

O PTIONS- W IRES May be problematic for consumers. Unfamiliar Inconvenient Expensive Wire Fraud

O PTIONS- C HECKS Certified Check Cashier’s Check Personal Check Electronic Check

O PTIONS- C HECKS Certified Check Cashier’s Check Personal Check Electronic Check

O - C Certified Check PTIONS D r a w n o n t

O - C Certified Check PTIONS D r a w n o n t h e p. HECKS ayor’s account, but certified by the bank Safe and immediately available. Widely available, but not always convenient. Forgeable, but verifiable. Costly

O PTIONS- C HECKS Cashier’s Check Drawn on the bank’s account. Safe and immediately

O PTIONS- C HECKS Cashier’s Check Drawn on the bank’s account. Safe and immediately available. Widely available, but not always convenient. Forgeable, but verifiable. Costly

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order Credit Card Venmo Paypal Bitcoin Foreign Currencies Other

O PTIONS- C HECKS Personal Check Drawn on the payor’s account. Very convenient Very

O PTIONS- C HECKS Personal Check Drawn on the payor’s account. Very convenient Very inexpensive Not immediately available. Forgeable and unverifiable. Potentially worthless

O - C Personal Check PTIONS P e r s o n a l

O - C Personal Check PTIONS P e r s o n a l c h e c k s. HECKS are not Good Funds. How come we accept them for EMDs? Personal Check + Time = Good Funds.

Electronic Check A C H – A u t o m a t e

Electronic Check A C H – A u t o m a t e d. HECKS Clearing PTIONS House Personal check without the piece of paper. ACH + Time = Good Funds Consumers can easily confuse ACH & wires O - C

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order Credit Card Venmo Paypal Bitcoin Foreign Currencies Other

O PTIONS- C ASH Cash buyers aren’t usually cash buyers Hard money is not

O PTIONS- C ASH Cash buyers aren’t usually cash buyers Hard money is not cash No financing contingency ≠ Cash

O Cash is PTIONSi m m e d i. ASH ately available - C

O Cash is PTIONSi m m e d i. ASH ately available - C Cash is Good Funds How come it isn’t commonly used?

O PTIONS C ASH “Cash ain’t got no owners, o n l y s

O PTIONS C ASH “Cash ain’t got no owners, o n l y s p e n. Bdeearrse. r” instrument Highly insecure Also, unusual.

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order Credit Card Venmo Paypal Bitcoin Foreign Currencies Other

DOWN PAYMENT OPTIONS P r e– p a i. M d C e c.

DOWN PAYMENT OPTIONS P r e– p a i. M d C e c. Ek. Y , p. O u r. R c h. Da. E se Oh. N Rd f r o m rd a 3 party Widely available, but limited amounts Postal Money Order Costly Forgeable, but verifiable Money Orders are good funds

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order Credit Card Venmo Paypal Bitcoin Foreign Currencies Other

– C C A p a y m. R en u e. Dd b

– C C A p a y m. R en u e. Dd b y a Et. Dc. Ia. Tr d i s. As R business which allows the user to purchase goods or services on credit. Super convenient, widely available and inexpensive. CC transactions are cancelable. Credit Cards are NOT good funds.

An online payments system that s u p p o r t s m

An online payments system that s u p p o r t s m o. A n. Y e y. P A tr. L ansfers and serves as an electronic alternative to checks & money orders. – P Convenient, fast, inexpensive. Pay. Pal prohibits real estate transactions.

– PAYPAL A digital wallet which lets users make and share payments with friends.

– PAYPAL A digital wallet which lets users make and share payments with friends. Convenient, fast, inexpensive. Pay. Pal owns Venmo; the same restrictions apply.

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order Credit Card Venmo Paypal Bitcoin Foreign Currencies Other

– PAYPAL A mobile payment service which allows users to transfer money to other

– PAYPAL A mobile payment service which allows users to transfer money to other users via a mobile app. Convenient, fast, inexpensive. Transfers have limits. Withdrawing funds take time.

– P A d i g i t a l p a. Ay Y

– P A d i g i t a l p a. Ay Y m. P e. A n t. Ls n e t w o r k. Joint Venture between Bank of America, Capital One, JP Morgan Chase, PNC, US Bank, and Wells Fargo Convenient, fast, inexpensive. Transfers have limits. Limited availability for businesses

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order Credit Card Venmo Paypal Bitcoin Foreign Currencies Other

REAL ESTATE Poll Question Jack’s favorite Baltimore philosopher is: A. Edgar Allan Poe B.

REAL ESTATE Poll Question Jack’s favorite Baltimore philosopher is: A. Edgar Allan Poe B. John Harbaugh C. Omar Little

– PAYPAL A cryptocurrency. A digital asset designed to work as a medium of

– PAYPAL A cryptocurrency. A digital asset designed to work as a medium of exchange where the ownership records are kept in an online ledger. Convenient, fast, inexpensive. Good funds?

DOWN PAYMENT OPTIONS

DOWN PAYMENT OPTIONS

AAPPPPL EL SV. ES O RO AN G E S RAN GES

AAPPPPL EL SV. ES O RO AN G E S RAN GES

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order

O PTIONS Wire Certified check Cashier’s Check Personal Check Cash. App Money Zelle Order Credit Card Venmo Paypal Bitcoin Foreign Currencies Other

– T H EAFn Ua p. Tp. Uw. Rh i. Ec h allows realtors

– T H EAFn Ua p. Tp. Uw. Rh i. Ec h allows realtors to deposit EMD checks directly with the title company or brokerage. Modus and Jet. Closing are two companies on the forefront of advancing the cause of instant buyers.

Goal for Today: I n f o. REAL r m y o. ESTATE u

Goal for Today: I n f o. REAL r m y o. ESTATE u about the ever-growing list of payment options available to consumers so that you are better able to serve your clients.

REAL ESTATE Sub- Goal for Today: None of you will ever use the phrase

REAL ESTATE Sub- Goal for Today: None of you will ever use the phrase “Certified check or wire transfer” again.

REAL ESTATE Questions?

REAL ESTATE Questions?

REAL ESTATE A course for Real Estate Title Agents PRESENTED BY JACK OWNER CARTER,

REAL ESTATE A course for Real Estate Title Agents PRESENTED BY JACK OWNER CARTER, & CEO ESQUIRE and