Legal Question in Real Estate Law in Ohio
Is my land contract valid?
Two years ago I had a land contract drawn up an signed to purchase the house I am residing in. It's valued at $80,000. I purchashed on land contract for just over $60,000. The lawyer drawing up the plans was let go and the land contract was never filed through the court though several copies of it are avaiable. The man I was purchasing the home from died of a srtoke in November. My question is this: Is my land contract valid or am I now renting?
2 Answers from Attorneys
Re: Is my land contract valid?
Your land contract may be enforced , providing it was properly signed by both parties (seller and buyer) and witnessed (signed) by witnesses as to each party. Now, however, because of the failure to record the contract, and the intervening death of the seller, you may have to seek enforcement in the probate court of the County where the seller died, and be prepared to prove the authenticity of the contract through witnesses, and further show your regular payments according to the contract, etc. You may also have an action against the Attorney for the estate (seller) who failed to record the land contract. You should have demanded a date stamped, recorded copy long before this. Good luck. J. Norman Stark, Cleveland, Ohio.
Re: Is my land contract valid?
If the land contract was properly executed, ie., two impartial witnesses and notarized, the land contract should be enforcable. If the land contract is not recorded it should be just binding by and between the parties. If it is recorded, then third parties know that there is a "cloud" on the title and anyone who purchases the property does so subject to the land contract.