Certified funds are a form of payment that is guaranteed to clear or settle by a bank or other financial institution certifying the funds.[1][2] The term is most commonly used in North America in the context of real estate transactions.
When making certain types of transactions, such as purchasing real property, motor vehicles and other items that require title, the seller usually requires a guarantee that the payment method used will satisfy the obligations. To do this, the seller will require certified funds, usually in the form of:
Certified check
Cashier's check (known as a bank draft in Canada)
Money order
Manager's check
Wire transfer
Specifically, personal checks are not allowed, as the account may not have sufficient funds, and credit cards are not allowed, as the transaction may later be disputed or reversed. Checks sent by a bank bill payment service can fall into an ambiguous state, since the funds are typically removed from the sender's account before the check is mailed, received and deposited into the recipient's account, resulting in the possibility of the check being lost.
^Mark, Joshua. "What are certified funds for apartment rent?". Fidelity Management. Retrieved May 10, 2024.
^"Why are Certified Funds required in a Real Estate transaction?". Tallgrass Title. March 6, 2018.
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