Posted by John Merchant on December 14, 2005 at 02:43:56:
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recording of land contract - Posted by Nelda
Posted by Nelda on December 05, 2005 at 15:44:08:
Is a recording required of a land contract in the state of ohio. It is not listed either way in the contract. What will happen if it was not recorded and the law requires it?
Re: recording of land contract - Posted by vernon h. podgorski sr.
Posted by vernon h. podgorski sr. on February 15, 2006 at 22:13:47:
yes you need to record of land contract
Re: recording of land contract - Posted by John Merchant
Posted by John Merchant on December 06, 2005 at 09:07:52:
As far as I know, NO state’s laws require the recording of a REC. You should check OH laws, or have your lawyer advise you on same.
The parties are equally bound by the terms of the REC, whether or not it’s recorded; the only differences being that the public is not on notice of the REC, and there being a possible risk that the deed holder might sell to somebody else and thereby violate the rights of the REC buyer…and if is recorded, the Seller, if there is a default will have to legally close out the REC and get the title back in his name so he can resell to new Buyer.
One of the reasons they’re not always recorded is the savvy and experienced Seller knows he could get the RE back quicker and cheaper should the Buyer default, with NO recording.
Whereas I’ve SOLD with no recording (for the reason stated above)and I purposely omitted the notary’s acknowledgement, so it COULD not be recorded, I’d never BUY on a REC without recording it.
A caveat here: If a Realtor,Agent or Broker is involved, or a title/escrow company, there will likely be a recording, as those legal agents or professinal organization members are frequently legally bound to record RE conveyance docs, and it might be malpractice or violation of their professional responsibilities NOT to record.
Re: recording of land contract - Posted by Peter
Posted by Peter on December 13, 2005 at 17:12:56:
What procedure and process would the seller use in Virginia to get back RE if Buyer defaulted with no recording vs. Buyer defaulted with recording? Thanks.