In April of this year, the Ohio legislature passed an updated Good Funds Law for transactions involving residential real estate to mandate, among other things, wire transfers for amounts in excess of $1,000, with a few exceptions.
Now, that amount has been increased to $10,000.
So, the new rule is that a ll funds coming into a title company to fund a residential real estate transaction must come in in one of the following ways:
- Electronically-transferred funds, including wire transfers;
- Personal checks, cashier’s checks, money orders or Official Checks of $10,000 or less;
- Automated clearing house (ACH) transfers; or
- Checks from a real estate broker’s escrow account.
We will keep you updated with further changes in the law so that we can continue to be “accurate and on-time, everytime.”