Land Contract in Ohio—What You Ought To Know
If you were pondering about making a land contract in Ohio, you should learn everything there is to know before embarking on that journey. DoNotPay can answer all your questions about one such agreement and help you create various other legal documents of your choice.
The Important Info About the Ohio Land Contract
A land contract in Ohio is also known as a land installment contract. This is an agreement between the seller of the property and the person buying it. The important characteristic of this contract is that it is done without a third-party lender.
The buyer in the Ohio land contract agrees to pay installments monthly to the seller until the land is completely paid out. This type of contract is popular among family members because it allows the parties involved to set their terms on the:
- Monthly payment amount
- Interest rate
- Amount of the down payment
- Number of months of the contract term
- A decision on whether there will be a balloon payment
The Difference Between a Land Contract and Real Estate Purchase Agreements
Land contracts are specific and need to conform to requirements located in Ohio Revised Code, Chapter 5313. Ohio law requires the land contract to be applied to a home and the real property on which the home sits.
Other real estate purchase agreements—like the rent-to-buy and a lease with the option to purchase—are not land contracts. These documents only apply to real estate.
The Info Every Ohio Land Contract Should Contain
According to the Ohio legislation, every land contract needs to have a duplicate signed by both parties. Make sure to include the following information:
- Names of both parties
- Signatures of both parties
- Current mailing addresses of the buyer and the seller
- The date of signing the contract
- A legal description of the property that is being sold
- Fees and charges for services in addition to the contract price
- The price of the property
- The entire amount to be paid for the property
- The amount of money of separate installment payments
- Due date of each installment payment
- The amount of the buyer’s down payment
- A statement that the person selling a house will provide a general warranty deed once the contract is completed
- Interest rates on the unpaid installments
- A copy of the deed
- Disclosure of encumbrances, such as liens and mortgages
While these are the crucial statements of land agreements in Ohio, you may be able to add certain changes. Note that land contracts can last for decades, so it would be smart to get professional legal help before adding anything.
What the Buyer Should Know Before Entering the Land Contract in Ohio
Land contracts in Ohio come with numerous obligations, and the buyer ought to know certain information before deciding to sign this agreement. They should make sure to find out:
- Who the legal owner of the property is
- What the condition of the land and the dwelling is
- Who is going to draft the land contract
- Whether there are possible claims against the property
- Who will be responsible for maintaining the property and the land around it
- If there is another land contact currently active on the same property
- Whether there will be a grace period for installment payments
Creating Legal Documents With DoNotPay Is Fast and Easy
Land contracts in Ohio may be state-specific and require you to use a lawyer when creating one, but DoNotPay is here to help you with other documents. We can assist you with generating a contract of your choice.
If you want to draw up a legal document in a matter of minutes, follow these steps:
- Open DoNotPay in a web browser
- Enter the name of the contract you wish to make
- Provide us with the information relevant to your contract
After you complete the simple questionnaire, you will have your legal document ready within seconds. You should still check whether it is necessary to take it to the notary to make it official.
DoNotPay Is the Easy Way of Generating Numerous Legal Documents
DoNotPay has a vault full of contracts ready to be used whenever you need them. The best part is that our way of creating contracts saves you time and money! Check out the table below to learn what legal documents DoNotPay can make for you:
- Partnership Agreement
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- Construction Documents
- Hold Harmless Agreement
- IRS Installment Agreement
- Settlement Agreement
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