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Commercial land contracts allow the buyer to inhabit the property immediately. While you, as the seller, still hold the deed and the legal title to the property, the buyer will usually adopt the responsibilities of both property maintenance and taxes.

(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.

Ohio Land Contract Requirements Once both parties sign the land contract, the agreement must be sent to the County Recorder's Office within 20 days.

Define amortization. This is the length of time a land contract will run. It depends on the size of the contract, monthly payment, and interest rate being charged.

Easier to get financing ? Since there aren't any lenders, land contracts allow buyers to get financing even if they're unable to get a traditional loan. Great for sellers ? The seller sells their property and gets a steady income stream for the contract's term.

A land installment contract in Ohio is an alternative to a traditional mortgage, wherein the buyer makes regular monthly payments to the seller. No banks or approvals are required to enter into this type of arrangement, and generally there is considerably more flexibility?and fewer protections?because of this.

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.

A real estate purchase agreement in Ohio does not need to be notarized, but it is highly recommended that the contract be signed in the presence of a notary public.

About Void Contracts When the contract is created, it may be valid if it meets all required conditions for validity, such as capacity and free consent. However, an impossibility to act or a future change in the law, making performance impossible, makes the contract void, ceasing the enforceability.

The object of the agreement is illegal or against public policy (unlawful consideration or subject matter) The terms of the agreement are impossible to fulfill or too vague to understand. There was a lack of consideration. Fraud (namely false representation of facts) has been committed.