OH Underwriting Summary

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.

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