Chagrin Falls, OH · Member since 2015 · 29 posts · 30 votes
I'm an investor in Ohio and I just learned that the "good funds" law changes as of tomorrow requiring, primarily, that funds brought to closing be in the form of a wire transfer. No more certified checks. I believe this is a country-wide law change. It appears that no one knows about this except title companies. Neither my lender nor realtor gave us this knowledge. We close on Friday, April 7th, on a new property and were caught unprepared as we have our investor's check in hand, made payable to the title company, and it's not worth the paper it's printed on. We'll have to go back and re-work that money. Heads-up to all!
Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
9y
Jeremy Janszen
I have done closing both ways, through wire transfer and with a cashiers check. I strongly prefer the wired transfer.
It is easier for the buyer and seller and far more secure. It sucks they didn't give you a heads up.
I'm an investor in Ohio and I just learned that the "good funds" law changes as of tomorrow requiring, primarily, that funds brought to closing be in the form of a wire transfer. No more certified checks. I believe this is a country-wide law change. It appears that no one knows about this except title companies. Neither my lender nor realtor gave us this knowledge. We close on Friday, April 7th, on a new property and were caught unprepared as we have our investor's check in hand, made payable to the title company, and it's not worth the paper it's printed on. We'll have to go back and re-work that money. Heads-up to all!
I'm shocked your realtor didn't even know about it. They have been informing/reminding all of us for MONTHS now that this was happening. It was a part of a multiple law change that does a number of things in the real estate world.