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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.

(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.

It is possible for the interest rate to change over time, but the average interest rate has to be 11% or less. In general, the buyer is in charge of making all repairs and paying property taxes in most land contracts. Most contracts also say the buyer must get homeowners insurance.

A land contract is a sale with a contract between a buyer and seller, where the seller finances the sale. In a land contract, the buyer agrees to make payments to the seller over a period of time.

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.

These are the typical terms in a land contract: Name and address of all parties. A description of the property. Acknowledgement of the person who owns the property.

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.

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.

Contracts will be voided if there is a mistake or fraud by one of the parties. Contracts may also be voided if a party entered into a contract under duress.Examples of void contracts include contracts that are entered into by parties that are not legally competent to contract.

A big disadvantage for sellers who participate in a land contract is that they have to wait for the buyer to pay off the home over a certain number of years.A balloon payment might be included so that a buyer has to pay off the balance within a shorter amount of time.