According to Maryland's Wet Settlement Act, when must funds be disbursed in a purchase transaction?

Under Maryland's Wet Settlement Act, the requirement is that funds must be disbursed on the day of settlement. This act was put in place to ensure that buyers receive their funds immediately upon closing the transaction, which is crucial for protecting their rights and facilitating a smooth transfer of property ownership. This provision is designed to enhance consumer protection, ensuring that all funds are available during the settlement process, thereby decreasing the likelihood of delays and other issues that could arise from premature or delayed disbursement.

This emphasis on same-day disbursement underscores the importance of a rapid and transparent financial exchange in real estate transactions, allowing all parties to proceed confidently with the settlement.