Free Ohio Real Estate FAQs | Free Ohio Real Estate Legal Documents

Where Do I Learn More About Real Estate In: Ohio

Tue, 29 May 2007 21:19:00 GMT

The Ohio Department of Commerce
Division of Real Estate and Professional Licensing
77 South High Street 20th Floor
Columbus, OH 432156133
6144664100
6144664130

The Link: www.Com.state.oh.us/odoc/real/default.htm

My Real Estate Deed Indicates I Own A Section Of The Old Canal Adjacent To My Property. How Can The State Claim They Own The Canal When I Have A Deed For The Property?

Tue, 29 May 2007 21:19:00 GMT

To expedite construction of the canal system the Ohio Legislature passed The Canal Act of 1825. The Act authorized the state to appropriate the land needed for the canals construction. Land owners were allowed up to two years to apply to the state for compensation of appropriated land. In many cases, the lands owner were so eager to have the canal come through their property and never requested compensation. Since most of the land was appropriated deeds of transfer were never issued and there were limited records of the transfers. Over the years, as real estate has been transferred, many deeds descriptions have inadvertently included the canal land.

When and why does foreclosure begin?

Tue, 29 May 2007 21:19:00 GMT

Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction.

A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale.

Some sales allow the successful bidder to take possession immediately. If the former owner refuses to vacate the premises, the court can issue an unlawful detainer that allows the sheriff to come out and evict them.

Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events that can occur in an individual's credit history.

How Do Lease Options Work And What Are The Benefits?

Tue, 29 May 2007 21:19:00 GMT

A lease option is an arrangement with you and a seller to exercise the option to buy a house after you have rented it for a specific period. A portion of your rent would be applied toward the purchase if the option is exercised. This is referred to as rent credit, which most institutional lenders will accept as part of the down payment if rental payments exceed the market rent and if a valid leasepurchase agreement is in effect, a copy of which must be attached to the loan application.

Read any leaseoption arrangement carefully for details on transferring the option and other important concerns. If you are considering a lease option, be sure you do your homework first. And have an attorney or financial advisor on hand to review any paperwork before you sign.

I Want To Put A Driveway Over Canal Land To Access My Property. May I Do This?

Tue, 29 May 2007 21:19:00 GMT

Yes, if it does not interfere with drainage, or the access of others etc. Send the details, including a map, of your project to the Canal Real Estate staff. If your project is approved we will contact you to proceed with a lease of the property. This same procedure applies for utilities (pipe lines phone/electric).