How would like it if you pay your lawyers to do the real estate fund closing? Wouldn’t that solve the hassle of having to meet with your legal professional to have all the dealings be done with? With EasyFund, you eliminate all these hassles, and in just a short amount of time, everything is done and over.
EasyFund is one of the many electronic portals or a money transfer system, but this one is geared towards real estate closings. This system was first launched back in 2015 and has gotten good critique reviews on how it is very convenient, not to mention that eliminates most of the frustrating tasks that can add stress to closing on time.
Like many money transfer systems, EasyFund requires its users to sign up with a username and password. You will need to subscribe to a commercial online platform from a financial institution you are affiliated with so that you can wire the funds directly just through your computer. So far, this is how setting up your account with EasyFund is going to go. Keep in mind that it is not only the buyer who will have to create an account. Even the legal professionals and banks have to create an account with it as well. Every transaction comes with a fee at $67.80, while the bank charges $80 for the money to get wired with the bank with EasyFund. This means that you have to expect to pay up a total of $147.80.
The releasing of funds gets into operation when the law firm from the borrower or purchase offers direction through the system. Depending on which you are affiliated with, the system will not disburse the funds without the instruction from the lawyer. The system is also undergoing updates and maintenance, in which it is said to be released with an entirely new system by the year 2017.
Once the funds get disbursed through the money transfer system, it will be time to get the funds forwarded to its payees. This will only happen depending on the method and timing of the funds’ delivery to all types of payee that are marked clearly by the system itself. When it comes to mortgage payout, if the deal gets disbursed before 2:30 pm, the funds are then delivered on the same day on different banks listed or associated with the system. Payments that are affiliated with the unlisted banks will have to wait for the following day courier.
When the funds are delivered through the electronic payment method, and at the same time the deal gets disbursed before 1 pm, the funds are sent on the same day. If the deal gets disbursed beyond 1 pm, the funds are sent the following day.
The EasyFund money transfer system’s main goal is to aid lawyers in running a more profitable business. Which is why it is the most convenient and efficient way in closing real estate funding. There were criticisms regarding this system, whether this is needed or not. However, there are law firms that find it useful since buyers themselves prefer to pay for the fee to make transactions more convenient.