Franklin Ohio Land Installment Contract
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FAQ
Yes, a land contract (Ohio-based and in other states) must be recorded shortly after the agreement is executed.
Zillow and Trulia are good places to start. The Ohio portion of Craigslist is a good source to easily find Ohio Land Contract homes, too. There are also FSBO websites out there like fsbo.com, ForSalebyOwner.com and Owners.com that are even more targeted to Land Contract offerings.
The Land Contract or Memorandum must state that the buyer is responsible for paying the property taxes. The Land Contract or Memorandum must be selling the property. Option to buy or lease agreements will not qualify for the homestead and mortgage deductions. The Land Contract or Memorandum must be recorded.
If the contract isn't recorded, the seller could easily put a new mortgage on the property. Also, since the seller retains title, the buyer also can lose the property to a seller creditor claim without receiving notice or a hearing. The buyer also can lose the property if real estate taxes aren't paid.
The whole foreclosure process typically takes a minimum of 12 months from filing the lawsuit to expiration of the redemption period.
In a land contract, the buyer does not pay for the property in one go, but in payments. The seller is also the lender, and the buyer does not receive a deed of ownership until all payments have been made.
A seller can also regain legal possession of the real estate property through a forfeiture process or sometimes a foreclosure. Does a land contract have to be recorded? Yes, a land contract (Ohio-based and in other states) must be recorded shortly after the agreement is executed.
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.
The piece of land must be in Ohio and must be improved by a dwelling. The seller retains title to the property as security for the buyer's obligation. In Ohio, land contracts are governed by Ohio Revised Code Chapter 5313.