Posted by JHyre in Ohio on August 25, 2000 at 06:37:11:
Pete’s synopsis is to the point. I would amend one thing: You MUST record the LC under the statutes, so this goes beyond a mere “should”. I have an excellent law review article that examines LC’s in Ohio, e-mail me with your address and I’ll send it.
John Hyre
Land Contracts in Ohio Plus and Minuses - Posted by Mark OH
Posted by Mark OH on August 24, 2000 at 21:40:50:
I am not completly familiar with the benifits of the land contract here in Ohio. Can I provide a land contract to a buyer and not record it? If the buyer defults can I convert the L/C over to a lease and avoid forclosure proceedings and go to the evection process? My understanding is that a land contract title remains in my name and I don’t have to deed the title until the tenent has been there for 5 years or aquired xyz% of equity in the property. So assuming that it is less than 5 years and the equity hasn’t been obtained by the buyer what are my options for reclaming the property. Anyone been there done that? Thanks in advance for the input.
Re: Land Contracts in Ohio Plus and Minuses - Posted by Pete Julian
Posted by Pete Julian on August 24, 2000 at 22:14:15:
Land installment contracts in Ohio should be recorded. If a buyer {vendee} defaults, all that is necessary is a forfeiture action which is very similar to an eviction provided that the land installment is is less than 5 years old and the vendee has less than 20% equity.