Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
Ohio law allows for sharing arrangements when it comes to real estate. A number of options exist when it comes to life estates and sequential ownerships in Ohio.
Sometimes, two of my nephews will want to play with the same toy. Frequently, my proposed resolution to their conundrum is to allow one child to play with the toy first. After a period of time, the second child would get that same opportunity.
Ohio law allows for the same arrangements when it comes to real estate. In the context of real estate, people may want ownership of certain property to transfer when the current owner dies, upon some other condition occurring (such as remarriage or relocation) or for a certain number of years.
Read Lee’s full article on sharing relationships in real estate in the Lima News here: Legal-Ease: Life estates, sequential ownerships in real estate
Source: LimaOhio.com,Legal-Ease: Life estates, sequential ownerships in real estate by Lee R. Schroeder, April 18, 2014