To: All Parties to a Closing Transaction
RE: Changes to Ohio’s Funds Law
On January 4, 2017, Governor Kasich signed into law H.B. 463, which included changes to Ohio’s Good Funds Law. The main goal of these changes is to protect escrow agents or title companies against fraud and to protect the consumer’s funds disbursed in a real estate transaction. The law is effective on April 6, 2017.
All real estate closing transactions that close on or after April 6, 2017 where a party has to bring $1,000.00 or more to closing must have the funds remitted to American Homeland Title Agency, Inc. via a U.S. wire transfer. Please note other title agency checks will not be accepted. American Homeland Title Agency, Inc. will provide wire instructions directly to the party that will need them.
We understand that this change is a significant change. Wire transfers can take time to process. They are not an instant transfer of money. There is a possibility that funding to parties involved in a real estate transaction maybe delayed. We will do everything that that we can to accommodate parties, while complying with the rule change.
It is important that all parties that are engaging in real estate transactions to be aware of the change. Please feel free to circulate this Memorandum to other people you know that engage in real estate transactions. If you have any questions, please feel free to call our office.