Get Land Contract Ohio

(C) Within twenty days after a land installment contract has been signed by both the vendor and the vendee, the vendor shall cause a copy of the contract to be recorded as provided in section 5301.25 of the Revised Code and a copy of the contract to be delivered to the county auditor.

Introduction. If the buyer stops paying on the contract, the seller can cancel the contract. One remedy is forfeiture, which means that the seller retains the defaulting buyer's payments and can evict the buyer. Since forfeiture is a complicated process, it is recommended that a lawyer be consulted.

"Installment land contracts" or "land contracts" as they are usually called in Ohio, normally involve a seller promising to convey title to a piece of land at some point in the future in exchange for a buyer promising to make monthly payments during the intervening time.

A tenant in a rent-to-own program is leasing a property, whereas a purchaser of a land contract has actual legal ownership rights. A land contract buyer has an equitable interest and can get a mortgage when they need to pay off the land contract.

Understand a Land Contract Though the buyer is responsible for insurance in most land contracts, if you are the seller, it might be worth your while to carry coverage on the property until it has been paid off and the title transferred to the new owner.

Requirements can vary from state to state, but when executed in Ohio, land contracts must include specific details, such as the following: Personal information. ... Specific dates. ... Full description of the property. ... Total sale price, down payment, and payment schedule. ... Interest rate. ... Frequency of statements.

Disadvantage #1: The title does not automatically pass to the purchaser in a land contract. Disadvantage #2: The seller could be held legally responsible for inspection issues with local or state authorities. Disadvantage #3: Forfeiture of a land contract by the purchaser is a fairly common occurrence.

Unless in the form of a deed, a separate instrument of cancellation, partial release, or assignment shall be recorded in the county recorder's official records. The county recorder shall charge the fee for that record as provided for in section 317.32 of the Revised Code for record fees.