Ohio’s Good Funds Law: The basic purpose of the law is to eliminate the use of checks and require the transfer of funds to purchase residential property at closing to the title company by electronic transfer (with limited exceptions). Cash, personal checks, certified checks, official checks, or money orders are still acceptable for expenses up to $10,000 (as of September 29, 2017). This threshold cannot be circumvented by issuing multiple checks or utilizing a multitude of different forms of payment. Some title companies, as the risk bearers of any such fraudulent checks, may establish a policy to accept these alternative forms of payment in an amount less than the $10,000 statutory threshold.
