So once the funding deal is reviewed, approved and the contract is signed, it is time to issue the funds ($). There are basically three ways to fund a deal:(we can wire funds in an emergency).
!. Client comes to us and picks up the check in person;
2. We overnight the check to the attorney's office(usually the safest) or
3. We overnight the check to the client's residence . While this appears to be the most hassle-free method (less time dealing with client); at the end of the day , sending the check dierectly to the client can turn into a nightmarish experience. The problems include:
i. Wrong address is given to Federal Express;
ii. No apartment # is listed on the airbill;
iii. Client is not home when the overnight courier arrives;
iv. The building is a multiple dwelling (without a doorman) and courier cannot get access to the apartment, etc........
So what happens? After 20 calls and emails back and forth , a stop-payment is placed on the check, and it is re-issued and overnighted to the attorney. That is why my advice is always to send the funds to the attorney, unless you are 1000% sure the client's address is good and client will be home waiting. I like to also get the client and attorney the tracking # also, so they can monitor the delivery.
Moral of the story; Better to be safe than sorry!
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