June 19, 2015
With today’s low interest rates and relatively available money from traditional commercial and residential mortgage lenders, seller financing of real estate is not the most popular alternative, but it remains an option. This article explores the positives and negatives of the three major means of seller financing of real estate transactions. The three major options are: (i) … Continue reading Real estate seller financing: So many options; what do they mean?
It is a violation of Ohio license law, and likely will void Ohio Realtor agency agreements, to fail to include in such instruments a firm expiration date. There is no limitation as to how long the term of such agreements must be, but simply that they must expire on a date certain. O.R.C. Section 4535.18(A)(28) provides that … Continue reading All Realtor agency agreements must have definitive expiration dates
The Ohio legislature has provided for significantly reduced property tax valuation (and thus, reduced property taxes) for property used for qualifying agricultural purposes. This is referred to in the Ohio Revised Code as “Current Agricultural Use Valuation” and is shorted as “CAUV.” This reduction is embodied at O.R.C Section 5713.31. However, when the owner of … Continue reading Be careful of recoupment of reduced taxation of current agricultural use valuation
The most popular question this week at our seminar on Ohio Condominium law was: What’s the difference between a condominium and a landominium under Ohio law? Well, we hate to give such a lawyerly answer, but the question requires it. We are taught to think of rights in real estate as a bundle of straws … Continue reading Condominium versus Landominium — what’s the difference under Ohio law?
The essence of a real estate contract is an exchange of (i) cash from the buyer for (ii) some conveyance of title, and some quality of title from the seller. Certainly, there are many other provisions of a contract that are important and we review each of these, but the exchange of money for title … Continue reading What quality of title are you getting in that real estate contract?
There are different types of deeds used in Ohio real estate transactions, providing buyers with differing levels of assurance of title quality from the seller and differing levels of liability, and potentially continuing liability, for the seller. In Ohio, a seller can use a deed with specific language of conveyance either on a form pre-printed … Continue reading Real Estate 101: Different types of deeds in Ohio, Kentucky and Indiana
Under Ohio law, individuals can avoid probate in connection with real estate by executing and recording a Transfer On Death (TOD) Designation Affidavit. A TOD Designation Affidavit is an “effective upon death deed” allowing the owner to transfer the ownership of real estate upon the owner’s death to whomever the owner designates by name. On … Continue reading Real Estate 101: Transfer On Death Designations
This article is the first in a series on new construction. The contents of this series of articles apply to commercial as well as residential projects. Defining “what” is to be built in a new construction contract can be tricky. For starters, when buying an existing commercial building or house, you can see, touch, feel … Continue reading New construction: The problem of “what” is to be built
This article is the second in a series on new construction. The contents of this series of articles apply to commercial as well as residential projects. In this blog entry, we discuss the “what” is to be built under a new construction contract, residential or commercial. The problem is that, unlike with an existing building, in … Continue reading New construction: The “When”
A common form of conveyance when selling real estate is the general warranty deed. With a general warranty deed, not only does the seller transfer title to the property, but also promises that she has good, marketable title and will defend any claims against the property otherwise. For example, if you sell property using a … Continue reading Real Estate 101: Breach of general warranty covenants can be costly mistake