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This is for Socrateaser. My follow-up question is ... does…

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This is for Socrateaser. My...
This is for Socrateaser. My follow-up question is ... does the land contract need to be recorded?
Submitted: 8 months ago.Category: Real Estate Law
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9/16/2017
Real Estate Lawyer: socrateaser, Lawyer replied 8 months ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,890
Experience: Attorney and Real Estate broker -- Retired
Verified

Hello again,

Under Ohio Revised Code Chapter 5313, a "land installment contract" must be recorded.

"Land installment contract" means an executory agreement which by its terms is not required to be fully performed by one or more of the parties to the agreement within one year of the date of the agreement and under which the vendor agrees to convey title in real property located in this state to the vendee and the vendee agrees to pay the purchase price in installment payments, while the vendor retains title to the property as security for the vendee's obligation. Option contracts for the purchase of real property are not land installment contracts. R.C. 5313.01(A).\

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Real Estate Lawyer: socrateaser, Lawyer replied 8 months ago

Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

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