It’s Nothing Personal: The Closing Table & Personal Checks

Loan officers or borrowers often ask our team about bringing personal checks (versus certified funds) to the closing table. There is often confusion Writing a Checkabout what is allowed and what is not.  Here are the limits we have adopted at Avenue 365:

Many states have laws which govern the amount we are allowed to collect as personal checks.  You may often hear this referred to as “good funds”.  Additionally, each title agency must decide on a maximum they’ll allow based upon their underwriter requirements and their own risk assessment.  As a result, Avenue 365 has set its maximum allowable amount at $1,500.  This is our maximum amount even if a state allows a greater amount.

A few states, per state law, do not allow personal checks up to our adopted limit of $1,500.  Avenue 365 follows those state laws where applicable.

For example, per state law in Colorado, agents cannot accept personal checks in any amount at the closing table. Additional states that have a maximum limit LESS than our $1,500 limit include Indiana, Ohio, Tennessee, Florida, Nebraska, and New Jersey.  See the below table as it relates to the limits adopted by Avenue 365.

CO No personal checks are permissible FL $500
IN $500 NE $500
OH $1000 NJ $1000
TN $1000 Others $1500

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