A Buyer and Seller who plan to work under an Ohio Land Contract must agree upon several items of financial information before they can undertake their seller-financed real estate transaction. Continue reading Financial Information to Create an Ohio Land Contract
Category: Financial Considerations
Who Pays What Closing Costs on an Ohio Land Contract?
The parties to an Ohio Land Contract can negotiate the allocation of closing costs between them. The land contract can allocate closing costs either fully to the buyer or fully to the seller, or indicate a split of such costs between the buyer and seller. Continue reading Who Pays What Closing Costs on an Ohio Land Contract?
Ohio Land Contracts and Balloon Payments
It’s quite common for an Ohio Land Contract to have a contract duration of 3 to 5 years with a buyout clause — often called a “balloon payment” — due at the end of that time period.
Let’s examine why that structure is common. Continue reading Ohio Land Contracts and Balloon Payments
How to Find Ohio Land Contract Homes
Are you interested in purchasing a home in Ohio through a seller-financed Land Contract? Finding such a property can be a bit difficult, as just 9% of all real estate transactions are done FSBO and only a small percentage of those homes are transacted through a contract for deed. But there are resources available to help you find Ohio Land Contract homes. Continue reading How to Find Ohio Land Contract Homes
After the Land Contract is Paid
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. Continue reading After the Land Contract is Paid