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)
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)