OH Underwriting Summary
From WFG Wiki
Contents
- 1 Search/Exam
- 2 UPL
- 3 Vesting
- 4 Witness Requirements
- 5 Property Tax
- 6 Mortgage/Transfer Tax
- 7 Spousal Joinder Requirements/Homestead
- 8 Power Of Attorney
- 9 Construction Liens
- 10 Foreclosure Review
- 11 Instrument Requirements
- 12 Who May Serve As Trustee On Deed Of Trust
- 13 Time Limitations
- 14 Odd Stuff
Search/Exam
- Minimum Search Requirements -- Reasonable Search (Marketable Title Act – 40 years) Revised Code Sections 5301.47 et seq.
- Ohio Standards of Title Examination as promulgated by the Ohio State Bar Association likewise refer to ORC 5301.47 et seq
- Plant or other search restrictions -- No
- Additional Requirements for REO Searches -- No
- Foreclosure Checklist -- N/A
- Special Searches Required (Code, HOA, Utilities)? --
- Survey Requirements -- No
UPL
- An attorney licensed to practice law in Ohio must prepare deeds, powers of attorney, and other instruments that are to be recorded.
- Exception that a party to the transaction may prepare an instrument in which they are a party.
- General closing documents that will not be recorded can be prepared by a non-attorney provided they are not contractual in nature.
- A non-attorney may perform searches and examinations, sign documents, close transactions and disburse escrow funds.
- A non-attorney may not render an opinion of title.
Vesting
- Sole Ownership
- Tenants in Common
- Join Tenants with Right of Survivorship. The right of survivorship must be specifically described in the document that creates it.
- Tenancy by the Entireties no longer exists in Ohio, but may be seen in some older deeds.
Witness Requirements
- Witnesses are no longer required.
Property Tax
- Taxes are paid a year in arrears, and in semi-annual installments. Due dates vary from county to county, but are generally due in January and June.
- Lien dates and delinquency dates can vary in each of the 88 counties; however, a majority of the counties set the semi-annual due dates sometime in January and June.
- The tax statutes are extensive, and found generally in Revised Code Chapters 5713 and 5721.
Mortgage/Transfer Tax
- No Mortgage Tax
- Transfer taxes are collected throughout the state. The amount varies by county, and may be anywhere from $1.00 per $1000.00 of value transferred to $4.00 per $1000.00 of value transferred.
Spousal Joinder Requirements/Homestead
- Non-title holding spouses are required to release dower interest in a deed of conveyance or a mortgage deed. Spouse cannot release or waive dower, except by joinder in such instrument.
- Civil unions are not recognized in Ohio.
Power Of Attorney
Construction Liens
Foreclosure Review
Instrument Requirements
Who May Serve As Trustee On Deed Of Trust
- Ohio is a Mortgage Deed jurisdiction
Time Limitations
- US Judgment Liens -- 20 years, renewable for 20 years
- State Court Judgment Liens -- 5 years, can be renewed
- Federal Tax Liens -- 10 years (+30 days); can be refiled
- State Tax Liens -- Do not expire effective 9/26/2003; previously 10 years
- Estate Tax Lien -- Federal 10 years
- State Inheritance Tax Liens -- 10 years
- Mechanics Liens -- 6 years
- Financing Statements -- 5 years
- Mortgages --
- HOA Liens -- 5 years
- Condominium assessments --
- Child Support Liens --
Odd Stuff
- Ohio has state specific forms that are promulgated by the Ohio Title Insurance Rating Bureau. Since many of the "built in" coverages of the various policies are rated endorsements/coverages, these are made optional through a "check the box" inclusion
- Generally, usury coverage is available only on loans in excess of $100,000.00 or business loans.
The Ohio’s usury law link is: http://codes.ohio.gov/orc/1343.01
