Ohio lawmakers recently have proposed House Bill 103, which would change land contract laws in that state. Patterned after consumer protection laws, House Bill 103 would severely limit the interest rate on land sale contracts and implement safeguards for buyers.
The bill would prohibit sellers from having a mortgage on real estate subject to a land sale contract. And sellers would have to pay all real estate taxes, assessments, and homeowner’s insurance premiums during the term of the land sale contract. Sellers, rather than buyers, would have to make repairs to the real estate during the land contract term.
The only way to avoid these requirements is for both the buyer and the seller to hire separate Ohio attorneys to represent them.
Contributed by Ric Thom www.securityescrow.com