Many people inherit real estate and other assets with siblings or other people. Co-owners of real estate have access to all of the property, unless the co-owners have an agreement for another arrangement. If one co-owner doesn’t want to co-own the property, a partition lawsuit can be initiated.
A real estate closing is typical a literal meeting during which ownership of property changes hands from the seller to the buyer. A closing will usually take place a few weeks after the buyer and seller make an agreement to transfer ownership of the property. Once preliminary work is completed, the buyer’s attorney or title agent will schedule the final closing usually.
While the process is common, closings are very important and do require certain steps from the buyer and seller.
To understand how reverse mortgages work, it’s important to understand traditional mortgages. Traditional mortgages create a legal right to possess real estate if the promise to pay for the real estate is not fulfilled. The written permission to acquire a home if the lender is not repaid is a traditional mortgage.
A reverse mortgage is an agreement in which the lender agrees to pay a borrower a certain lump sum of money or a certain amount of money every month. In the meantime, the borrower can continue to live in his or her home.
Limitations to the use of property fall into four, broad categories: neighbors, zoning, development and contracts.
First, we owe our neighbors certain duties. Second, many parts of Ohio are zoned. Third, development restrictions are similar to neighbor-respect restrictions. Finally, prior owners or we ourselves may have agreed to restrictions on the use of our property.
Residential properties have many rules to govern the relationship between the tenant and the landlord. Laws have been put into place to ensure that tenants are properly protected. Many of the protections concern what provisions can or cannot be included within a lease.
A deed is the document that shows when property actually changed ownership. Once a deed is signed by the seller, it will be recorded at the courthouse.
Almost every deed includes a sentence similar to “For one dollar and other good and valuable consideration” regardless of the actual cost of the real estate.
There are four major pieces of Ohio real estate taxes that can help clarify the numbers on a real estate tax bill. Real estate tax calculations are like a long algebraic equation.
First, each parcel of land is appraised. Second, the value for agricultural parcels will have its values adjusted each year. Third, the value is multiplied by 35 percent. Finally, there are certain credits that decrease the final tax bill on some parcels.
Many people in our area dream of buying land and building a new house in the country. But many people don’t realize how difficult it actually is to make this dream a reality.
First, you need to find a landowner willing to sell land for a house. It needs to be confirmed that the acreage from the lot can legally be divided.
Next the buyer needs to purchase a soil analysis. Then the contractor may increase the minimum of the acreage needed depending upon the layout and design of the home and its placement.
When it comes to real estate and its history of ownership, there’s no such thing as “new” documents. So the best that can be done with real estate documents and files is “good as new.” So the best we can do is file updated documents.
Attorneys use multiple tools to try to clean up real estate documents and files.
Ohio is on the brink of joining 33 other states that have abolished the doctrine of dower. Traditionally, married women were not allowed to own property separately from their husbands. So all real estate owned by the family was controlled by and titled in the name of the husband.
The need for dower in today’s society has passed, and abolishing it will simplify the law and save Ohioans significant time and money.