Ok, typically even though the title has not transferred to the new owner, many courts still consider the buyer to be the equitable owner in the event of a default. With this large a down payment and this short a time frame and balance (800 x 12 x 2, or 19,200) a court would likely treat this as a normal borrower/lender transaction and require you to legally foreclose if the buyer defaulted.
Ohio law says every Seller must, at least once year or upon buyers demand, (but no more than twice a year), give a statement showing the amount paid in principal, amount
paid in interest, and the remaining balance owed.
The Seller must RECORD the Land Contract in the County Recorder's Office where the property is located within 20 days of signing, and it shall contain the legal description of the property. If the Seller does not record it, buyer should record it to protect his interest.
If the buyer defaults for 30 days or more you have to give them a 10 day notice that you are ending the Land Contract.
The notice must include:
1. an indication that there is a Land Contract and the address of the property;
2. a reason(s) for ending the contract; and
3. a statement that the Buyer has ten days to correct the problem.
This notice must be served by the Seller by handing buyer a written copy of the notice, by leaving it at the property which is the subject of the Land Contract, or by mailing it to buyer by registered or certified mail to your last known address.
After the ten-day notice period, the Seller can file court action if buyer has not corrected the default and complied with the contract. There are two (2) possibilities:
1. If the contract has been in effect for less than five years, or less than 20% of the principal amount due has been paid, and buyer has been in default for over 30 days, an eviction action against buyer can be filed just like a landlord evicting a tenant. If this happens, buyer could lose down payment. Buyer must receive notice as explained above first.
2. If buyer has paid under the Land Contract for five years or more from the date of the first payment, or has paid toward the purchase price a total sum equal to or more than 20% of the contract price, the Seller may recover the property only by use of FORECLOSURE and judicial sale of the property.