Legal Question in Real Estate Law in Ohio
land contract
If I buy a house through land contract while my divorce is in process, am i protected from my ex wife having any part of it?My divorce is not finalized, but I have funds in escrow. I'm looking at a house that is up for sheriff sale. A mortgage/real estate company told me if i buy the property now it's part of the divorce settlement. Even though the house is up for sale this friday, he told me he will buy the house from the owner or mortgage company and then he can land contract it back to me. Does this sound possible? He said even though it is sold at the sheriff sale, the judge won't sign off on the sale if there is a deal in process with the plantiff??? I am afraid that if someone else purchases it at the sheriff sale, they will end up with the property.
1 Answer from Attorneys
Re: land contract
Dear About-to-be-divorced:
Any purchase you make prior to the journalizing of a Court Order granting you a divorce will vest, in Ohio, a dower 1/2 interest in and to all of the real property in your present wife.
Be Careful!
I recommend you contact Brian D. Stark at
The Stark Group
The Stark Building
1310 East 49th St., 2nd Flr.
Cleveland, Ohio 44114-3803
Tel.: (216) 426-8400 Fax: (216) 426-8411
Cellular: (216) 310-1470
His firm is very familiar with complex real estate deals, foreclosures, etc. and can arrange to assist you immediately.
Good Luck. J. Norman Stark, Attorney & Registered Architect.