If you’re new to buying property in south Florida, you’ll want to know what is proof of funds in real estate. It’s a document ensuring you have the liquid assets to make a downpayment and cover closing costs. It’s separate from mortgage pre-approval, and you may need one, even if you’re paying cash. Lang Realty agents work with real estate attorneys and will help you understand the nuances of this document.
How to show proof of funds?
You may need one even before you submit an offer for the property, so work with your Lang Realty agent to make sure you’re providing the information the seller requires. That can come from a bank, a money market or an open credit line. You have to show the funds can be accessed quickly, so it can’t be stocks or other assets.
How do you get a proof of funds letter?
That depends on how quickly your financial institution can provide you with one on their letterhead and signed by a manager. That typically takes a day or two. Your Lang Realty agent will let you know if a recent bank statement from your checking or savings account will suffice.
