Can a Buyer and Seller create a Land Contract to cover the sale of vacant land, including large plots like farm land?
In Ohio, real estate property—including farmland—is transferred by Deed, whether that be a Quitclaim Deed, Warranty Deed, or other deed.
Most often, a Seller and Buyer prepare a Real Estate Purchase Agreement setting forth the terms of the property sale between the parties.
In Ohio, Land Contracts are generally not available for farmland transactions, as the Ohio statute governing Contracts for Deed applies to property located in Ohio “improved by virtue of a dwelling having been erected on the real property”. It is important to note that using Land Contracts for farmland transactions can potentially pose legal risks. Despite this statutory language, some Buyers and Sellers use a Land Contract to sell vacant land or farmland.
To accomplish these legal document tasks, Standard Legal offers Quitclaim Deed software and Deed document preparation, or For Sale by Owner Purchase Agreement software and FSBO documentation preparation are available.
Should the parties wish to pursue a Land Contract regardless of the Ohio statute, Land Contract software and Contract for Deed document preparation service is available.