After the Vendee (or buyer) makes the final payment on the Land Contract, the Vendor (or seller) must convey ownership of the property to the buyer by signing a deed and delivering that deed to the buyer.
The Vendor must tender that Deed to the Vendee on completion of the contract. Ohio’s statute does not give a set number of days or period of time to deliver the deed after the contract is paid in full, but it is a reasonable expectation to receive a Deed from the seller in a very short period of time after providing the final payment.
Upon receiving the deed, the buyer is responsible for recording it with the Recorder’s Office in the county where the property is located. This process incurs a filing fee, and often, a transfer tax or fee based on the property’s sale price must be paid.
The buyer and seller have the option to engage the services of a title company or escrow service. These professionals can assist in recording the deed and ensuring that the appropriate fees are paid, if the parties desire. They also provide valuable information about the costs associated with the transfer of the property, which is often available online from the county recorder’s website.
When the deed is recorded, the buyer becomes the titled owner of the property. The buyer should ensure that all utilities are transferred to the buyer’s name, that real estate taxes are timely paid, that the property is appropriately insured against loss, and should take other steps generally associated with home ownership.