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.
The minimum information required to begin creating an Ohio Land Contract document for a real estate transaction is as follows:
– the total purchase price of the property;
– the interest rate percentage to be charged;
– the length of term of the contract (the amount of time in months);
– any short-term buyout or ‘balloon payment’ requirements;
– the down-payment to be made, either as a set amount or as a percentage of the purchase price;
– any set closing date by which the contracts should be signed and executed;
– whether the property is being sold as-is or if there will be an inspection prior to contract (and who will pay for said inspection);
– if any personal property items are to be included with the real estate sale;
– if the sale will be closed directly by the Buyer and Seller or if a title company and/or title insurance is required.
Of course there are other items of financial information that are always detailed in a real estate contract, and decisions on these items must be made as well. But if both Buyer and Seller agree in principle to all of the items above, they can begin to create an Ohio Land Contract and move forward with their seller-financed property sale.