OH Underwriting Summary - Revision history

Alanfields: /* UPL */

2025-03-17T13:56:14Z

‎UPL

Alanfields: /* UPL */

2025-03-17T13:55:50Z

‎UPL

Abfields: Created page with " ==Search/Exam== Minimum Search Requirements -- Reasonable Search (Marketable Title Act – 40 years) Revised Code Sections 5301.47 et seq. Ohio Standards of Title Examina..."

2014-11-30T03:47:09Z

Created page with " ==Search/Exam== *Minimum Search Requirements -- Reasonable Search (Marketable Title Act – 40 years) Revised Code Sections 5301.47 et seq. *Ohio Standards of Title Examina..."

New page

==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

@@ Line 14: / Line 14: @@
 *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.
 Ohio is very strict in enforcing against title agencies that prepare deeds without attorney.
@@ Line 20: / Line 21: @@
 The Ohio Supreme Court typically levies a fine of $10,000 per deed prepared.
-Kim Dalton and Precision Land Title got a [[https://www.supremecourt.ohio.gov/rod/docs/pdf/0/2010/2010-ohio-619.pdf $20,000 fine]] for their deed prep:
+Kim Dalton and Precision Land Title got a [https://www.supremecourt.ohio.gov/rod/docs/pdf/0/2010/2010-ohio-619.pdf $20,000 fine] for their deed prep:
 ==Vesting==

OH Underwriting Summary - Revision history

Alanfields: /* UPL */

Alanfields: /* UPL */

Abfields: Created page with " ==Search/Exam== *Minimum Search Requirements -- Reasonable Search (Marketable Title Act – 40 years) Revised Code Sections 5301.47 et seq. *Ohio Standards of Title Examina..."

Abfields: Created page with " ==Search/Exam== Minimum Search Requirements -- Reasonable Search (Marketable Title Act – 40 years) Revised Code Sections 5301.47 et seq. Ohio Standards of Title Examina..."