You’ve found a home in Ohio that you really want to buy. You make an offer contingent on financing.
But then you find out that bank financing isn’t going to happen for you: you can’t qualify for a mortgage loan.
So the Seller offers to finance the sale of the property to you through a Contract for Deed.
For many Buyers, the first question is, “What exactly is a Contract for Deed?” Continue reading An Ohio Contract for Deed
A Land Contract (also known as a Contract for Deed) is a type of Real Estate Purchase Agreement that allows a Buyer to purchase a property directly from a Seller by making some amount of down-payment then monthly payments over time. Continue reading Overview of a Land Contract
An Ohio Land Contract should be filed with the County Recorder in the county where the home resides.
The purpose of recording a Land Contract is to provide “constructive notice” all persons that the Land Contract exists, including any subsequent Buyers, mortgagors or lenders. Continue reading Recording an Ohio Land Contract
If a Land Contract was not filed with the county recorder, does that void the contract? Continue reading If a Land Contract is Not Recorded
If the Buyer fails to make a payment or fails to comply with other terms of the Land Contract, the Seller must provide the Buyer with a written Notice of Default. Continue reading If a Buyer Fails to Make Payments on an Ohio Land Contract
Is there a remedy if a Seller has a mortgage on a property that is greater than the value of the Land Contract that a Buyer holds on that property? Continue reading What if the Seller Has a Mortgage Greater Than the Land Contract Value?
What is the law in regards to buying a home by Land Contract in Ohio? Read this overview on the legal requirements set forth by the State of Ohio for Land Contract real estate transactions on any property located within the state: Continue reading General Legal Requirements for an Ohio Land Contract
The following is the Ohio Revised Code covering Land Contract transactions on property located in the state: Continue reading Ohio Revised Code: Land Contracts
Like other contracts, an Ohio Land Contract can be amended by agreement of the parties. Continue reading Amending a Land Contract
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