Understanding the Basics of the Ohio Good Funds Law
Effective April 6, 2017
What are Good Funds?
For transactions involving residential real estate, settlement agents may disburse only when the funds for the transaction qualify as Good Funds, as defined by Ohio Stature*.
What are acceptable forms of Good Funds under the Ohio statute?
1.) Wire Transfers
2.) Checks: Personal, Business, Certified, Cashier's, Official Check or Money Order. The combined dollar amount of these items cannot exceed $1,000.00
3.) Automated Clearing House (ACH) Transfers and checks from the United States, the State of Ohio, or Ohio municipalities.
4.) Checks from a real estate broker's escrow/trust account.
While the Ohio statute defines what is acceptable as Good Funds, following the statutory guidelines will not protect the settlement agent from liability for loss arising from uncollected funds.
Are there any other conditions for Good Funds?
Yes, the funds must be immediately available for withdrawal and disbursement by the agent for the transaction.
For additional information regarding Good Funds, contact us today!
*See ORC 1349.21, Consumer Protection- Disbursing from an escrow account, effective 01/01/1996, amended effective 04/06/2017 for further details.
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