September 16, 2017
Every parcel of real property in Ohio undergoes a major “reappraisal” by the County Auditor’s office every six years and then a minor “update” in the three years in the middle of that six-year cycle. Different counties in Ohio are on a different six year and three year cycle. Below is a list of the counties going through … Continue reading Ohio Tax Law: Is your county starting a new tax triennial?
September 14, 2017
In a widely anticipated decision that will have major implications for Ohio businesses, the Ohio Supreme Court today ruled that, for purposes of property tax valuation, sale-leaseback transactions are not “arm’s-length.” Meaning that county auditors and boards of revision should not simply adopt the sale price in such transactions as the “true value” when valuing … Continue reading Ohio Supreme Court: Sale and Leasebacks are not Arm’s-Length Transactions
September 10, 2017
As first-year law students and many even outside of the legal community know, the “statute of frauds,” codified in Ohio R.C. 1335.04, requires that any interest in land be evidenced by a writing. Principle of Part Performance But this general principle is not without exception. One of the more commonly referenced exceptions is part performance. … Continue reading Ohio Real Estate Law: Constructive and Resulting Trusts: Little-Known Exceptions to a Well-Known Rule
September 8, 2017
We caught Team Ivy hard at work on a Friday afternoon, all wearing their snazzy new Ivy Pointe Title polos. From left to right: Chris Finney, Laura Linneman, Tida Griffits, Patty Gillespie, and Rick Turner. Thanks, all!
September 5, 2017
In April of this year, the Ohio legislature passed an updated Good Funds Law for transactions involving residential real estate to mandate, among other things, wire transfers for amounts in excess of $1,000, with a few exceptions. Now, that amount has been increased to $10,000. So, the new rule is that a ll funds coming … Continue reading Good Funds Law updated again: Checks can be up to $10,000
September 3, 2017
I want to extend a warm and sincere “Thank You” to the attorneys, staff, vendors, and clients of Finney Law Firm, LLC who have joined together to make our firm — dedicated to “Making a Difference” for our clients and in our profession and community — a tremendous success in our first four years in … Continue reading Thank you, one and all.
July 18, 2017
How do I obtain an Ohio commercial real estate broker lien? First, let’s be clear: There is no lien right for real estate brokers for property consisting solely of between one and four residential units. (O.R.C §§1311.85 and .86). However, licensed real estate brokers do have lien rights in transactions involving commercial properties, i.e., anything other than between one and four residential units. (O.R.C §§1311.86). The lien rights … Continue reading Ohio real estate brokerage law: Liens for Realtors in commercial transactions
July 10, 2017
Frequently, clients desire to lend money, seller-finance the sale of their business or other asset, buy and then lease out a building, or engage in some other business transaction because they are motivated by favorable business terms the transaction provides on its surface: A high rate of interest, a good return under a lease, or … Continue reading Ohio commercial transactions: Improving your position as a “lender”
June 23, 2017
In a case that was previously discussed here, the Ohio Supreme Court issued an important ruling in a real estate valuation case, Terraza 8, LLC v. Franklin County Board of Revision, 2015-2063, yesterday. R.C. 5713.03 was amended in 2012 – allowing that the auditor may consider a recent sale price as the true value of … Continue reading Real property tax valuation: Ohio Supreme Court ruling gives force to legislative changes
June 3, 2017
Our Ohio clients frequently come to us having performed their own amateur sleuthing on questions about title to real property before an initial meeting. And the easiest place for them to have started their work is the County Auditor’s web site. Based upon the Auditor’s information, they many times have drawn preliminary conclusions regarding who … Continue reading Ohio real estate law: Do the County Auditor’s records “mean anything”?