REAL ESTATE LAW ALERT: Amendment to Ohio’s “Good Funds” Law Takes Effect on April 6, 2017

March 23rd, 2017   •   Comments Off   

Effective April 6, 2017, the amendment to Ohio’s “good funds” law, R.C. 1349.21, will take effect.  As a result, all down payments and/or funds to be distributed in real property transactions must be deposited with the escrow agent via wire transfer only, provided that the amount deposited is in excess of $1,000. After April 6, 2017, personal or cashier’s checks for these transactions are prohibited.  In other words, expect closing delays.

For further information regarding this act or other real estate issues, please contact James Miller of Volpini & Associates, LLC at 216-367-5665 or jmiller@volpinilaw.com.