"Good Funds:"

Effective January 1, 1996, the Ohio Revised Code prohibits a title agent or closing officer from accepting any monies other than "good funds."

Acceptable "good funds" are:

·       Cashiers' checks;

·       Certified checks;

·       Bank check drawn upon a federally insured bank, saving and loan, or credit union;

·       Checks from a government agency or municipality;

·       A reciprocal title insurance agency check from a previous closing; or

·       Wire transfer where verification of receipt has been established. 

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A personal check in the amount of $1,000 or less may also be used, but any amount in excess of this figure would result in the closing officer being unable to disburse the transaction until guaranteed funds were provided to Ohio Title Corporation.

Additionally, a borrower whose intent is to use funds from a particular stock and/or investment account would be required to wire those funds directly into the account of Ohio Title Corporation prior to the closing time.

It is now necessary, in order to comply with the Ohio Revised Code, to be exact with "good funds", with the exception of the permissible $1,000 personal funds figure.

It is important to keep in mind that this requirement is applicable to even very large corporations or established partnerships. 

Please contact Ohio Title Corporation with any questions.