Q: I have been told by a Real Estate Attorney Practicing in Florida that if a Buyer pays with a Bank Check at Closing,
He will not disperse Commission checks for 7 to 10 days. Its a Cash Sale. Is that legal?
A: There is nothing "illegal" about it per se. Bank checks are not 100% guaranteed, there has been bank check fraud going around; a wire would show within a few hours/day as cleared. It all depends how long it takes the bank check to clear his account (that could be up to a few business days, especially a big sum), then a check has to get sent to your broker and clear broker's account, and then a check goes to you.
Jennifer Isaksen agrees with this answer
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