Settlement in MD - Does buyer lose conrol of money ... - Zillow Real ...

I have settlement in 10 days on a house I am buying in Maryland . I have been asked to wire the closing cost (minus the earnest money) to the settlement agent, instead of taking a certified check to the closing.

Enter nervousness. With a check, I would have control of the money?until I hand it over at whatever point at the settlement. If I wire the money over now, under what terms does the money stay?with the settlement agent? Yes, I could ask the settlement agent, but I would like to hear independent opinion.

If something goes wrong, do I still have control of the wired money? I know the contract terms will dictate who owes what if something goes wrong, but regardless do I surrender legal control of the money once I wire it over? Are they merely holding it for me to be used in ways I permit them to, or are they allowed to?say...well the contract says...

I'm new to MD and I don't understand the idea of the settlement agent "representing the contract"? What does that mean? Why does the contract have a representation and not the guy forking over the money? I am used to having a lawer represent me and only me on a real estate transaction.

Inspection and appraisal went ok, and the loan process is almost done, so I don't?expect any roadblocks to a closing, but I don't like parting with a large chunk of money without knowing the ramifications. Thoughts?

Source: http://www.zillow.com/advice-thread/Settlement-in-MD-Does-buyer-lose-conrol-of-money-wired-to-settlement-agent/471131/

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