Mission Title, LLC, a full-service commercial and residential title agency, is Doyle & Hassman, LLC’s affiliated title agency. With our deep experience, knowledge, and commitment to our clients, Mission Title provides the quality and care that one needs for a successful transaction.
The new Ohio Good Funds Law became effective April 6, 2017 with amendments effective in September of 2017. In short, the only funds that can be accepted for a residential real estate closing are:
Certified checks, cashier checks, and checks drawn on a licensed title company’s IOTA (escrow) account will no longer be considered good funds and can not be used for buyer’s funds at closing.
Ohio’s Good Funds legislation is a consumer protection statute, not enacted to create business efficiencies for service providers, nor created to provide for maximum convenience to the parties involved with the real estate transactions. The goal of the original legislation was and remains to protect against fraud and to preserve the integrity of the consumer’s funds that are held and disbursed in the real estate transaction.
