The Ohio General Assembly has recently passed House Bill 463. This new “Good Funds” law effects any real property transactions one-to-four-family dwellings and will impact all residential real estate closings in Ohio. Basically, the passage of the new Good Funds Law now requires the use of electronic transfer of funds in any amount in excess of $1,000.00 dollars.
Again, effective April 6, 2017, the new law will require all funds needed for closing over $1,000 dollars to be wired to the title agency prior to the scheduled closing/disbursement so that they are available for immediate withdrawal. This includes any monies needed for closing from the buyer or seller and any deposit monies held by the title company, except if their is a real estate broker involved, then a check drawn on their brokers trust account is acceptable.