Q: What are “good funds”?
Georgia’s “Good Funds Law” is codified at O.C.G.A. § 44-14-13. Under Georgia’s Good Funds Law, a closing attorney may not close and fund a transaction until the attorney has “collected funds” in their escrow account. “Collected funds” means “funds deposited, finally settled and credited to the settlement agent’s escrow account.” Collected funds do not include certified or cashier’s checks.
In short, if the amount of money you are required to bring to closing is less than $1,000.00, Russell C. Petersen, LLC can accept certified or cashier’s checks for the amount you owe at closing.