Helping to properly carry out these contract for deed transactions grants real estate buyers and sellers a number of advantages, publishes ohiolandcontract.com
Cleveland, OH -- (SBWIRE) -- 03/23/2015 -- Statistics from the financial sector reveal America's leading banks hold the lion's share of the Ohio housing market at 60 percent; in contrast, the statewide credit score hovers around the 680 mark, falling into the "fair" category of the lending world. This leaves many residents ineligible for bank governed mortgage loans. In an effort to bridge this gap, Ohio followed in the footsteps of numerous other states by offering hopeful homeowners an ohio land contract option. While this is the solution many buyers and sellers are seeking, such agreements pose considerable confusion in their own rights.
In light of this issue, Allen Freeman has launched the Ohio Land Contract Reference Guide to help clear up the common misconceptions regarding these contract for deed transactions. Said Freeman, "Our new guide is a free forum allowing Ohio residents to ask an Ohio Land Contract question and receive a comprehensive answer from an attorney with Standard Legal, the nation's legal document front runners."
The Ohio Land Contract plan grants a number of benefits for those going into the housing market under the thumb of a less than perfect credit score. It also opens up a broader range of opportunities for citizens hoping to sell their homes. These legally binding contracts allow buyers and sellers to establish their own parameters regarding down payments, monthly installments and other factors without bank intervention. Those involved are also able to circumvent lender imposed expenses, such as appraisal fees, loan insurance, closing costs, inflated interest rates and other considerations.
According to the Reference Guide website, a significant portion of the questions received revolve around the process of filing a land contract. Sellers must file a land contract with the local county recorder within 20 days of a transaction's inception. Should the seller fail to do so, the buyer is allowed to submit the necessary documents. The website offers a link to each of the state's 88 county recorder's offices.
Concluded Freeman, "The Ohio Land Contract program is a great alternative for buyers and sellers alike as long as the filing process is carried out correctly, and our goal is to make sure those taking advantage of this option are able to fully benefit from it. Though we can't legally answer questions of the 'what should I do' variety, we can offer assistance with typical concerns about the process itself. We encourage anyone considering taking this route or in the midst of a transaction to contact us."
About Ohio Land Contract Reference Guide
Committed to looking out for the best interests of real estate buyers and sellers wishing to forgo public lending institutions, Ohio Land Contract Reference Guide provides answers to common questions concerning the creation and filing of contract for deed transactions.