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What You Should Know About LAND CONTRACTS This pamphlet prepared by and distributed by Southeastern Ohio Legal Services 1-800-589-5888 P: 7-Publications Pamphlet lndcont h5.wpd February 2, 2004 What.

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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.

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.

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.

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.

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.

"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.

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.

(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.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232