Missouri · closing fundsMissouri good funds law: how buyers must bring money to closing

Missouri's good funds law (RSMo 381.410 and 381.412) controls how money reaches a real estate closing. A settlement agent that accepts more than $2,500 for closing a real estate transaction must require a buyer, seller or lender that isn't a financial institution to deliver it as certified funds. Certified funds are U.S. currency; a cashier's check, certified check or teller's check as defined in the Federal Reserve's Regulation CC; a wire transfer unconditionally received by the settlement agent or its bank; or a real-time payment such as RTP or FedNow, when the settlement agent gets written advice from a financial institution that collected funds have been credited to its account. A personal check over $2,500 isn't enough – but checks drawn on a licensed real estate broker's escrow account, a Missouri title insurer's or title agency's escrow account, a government agency, or a financial institution are exempt. Title insurers, title agencies and title agents may not pay out of their escrow account unless the matching deposit was made at least ten days earlier, was certified funds, or was one of the exempt checks. Violations are a level two violation under §374.049.