Additional changes made to Ohio’s Good Funds Law
Ohio’s Good Funds Law defines the type of funds that can be accepted by an escrow or closing agent in a residential real estate transaction to ensure that the funds are actually in the possession of the closing or escrow agent prior to disbursement. Twenty years after enactment, changes were made to the Good Funds Law in April. Concerns with some of those changes prompted additional changes to the law which are included in Ohio’s Budget Bill, HB 49 and become effective Sept.29.
(Aug. 14, 2017, OAR Buzz)
Earnest money return clarification
Ohio House Bill 532 — which becomes effective on April 6 — includes an amendment to the Ohio Revised Code section concerning the return of earnest money that has caused some confusion.
(April 3, 2017, OAR Buzz)
Changes to Ohio’s Goods Fund law
Q: A local title agent told me that there has been a change in an Ohio law that will impact residential closings. He said that, for closings, title companies will no longer be able to accept money orders or cashier’s checks over $1,000. That buyers will be required to wire any funds over $1,000 to the title company. Is this correct, and if so, what brought about this change?
(Feb. 13, 2017, OAR Buzz)
More on Earnest Money Problems
(Aug. 22, 2016, OAR Buzz)
Legally Speaking: Brokers: Make sure to check trust account by Sept. 1
(Aug. 15, 2016, OAR Buzz)
Legally Speaking: Does no earnest money = no contract?
(Feb. 16, 2016, OAR Buzz)
Legally Speaking: Can earnest money be applied to my commission?
(June 8, 2015, OAR Buzz)
Legally Speaking: Returning earnest money someone else fronted
(May 4, 2015, OAR Buzz)
Legally Speaking: Steps to avoid earnest money violations
(March 30, 2015, OAR Buzz)
Is your brokerage compliant with Ohio’s trust account requirements?
(Jan. 5, 2015, OAR Buzz)
Brokers: Have you checked your trust accounts?
(Aug. 4, 2014, OAR Buzz)
Who can be a signatory on the brokerage trust account?
(Jan. 27, 2014, OAR Buzz)
VIDEO: License law requirements for handling earnest money
(July 30, 2012, OAR Buzz)
Does an earnest money dispute preclude a new contract?
(Sept. 17, 2013, OAR Buzz)
Report of Unclaimed Funds Due Nov. 1 (OR: Oct. 2011)
Brokers: Have you checked your trust accounts? (OR: Sept. 2011)
Handling disputed earnest money (OR: Aug. 2011)
FAQs on Earnest Money Legislation (OR: April 2009)
Earnest money sample language available (OR: March 2009)
Disputed earnest money and unclaimed funds (OR: March 2009)
Law provides options for earnest money disputes (OR: Feb. 2009)