Under prior Ohio law, the requirement that a lender holding a mortgage lien had to timely file a release evidencing its satisfaction or face penalties only applied to residential mortgages and the penalty was paltry. Anyone who has refinanced commercial mortgages or...
Content By KJK
Oil and Gas Leases Are Title Transactions Under Ohio Dormant Mineral Act
By Kathleen Maloney - Courtesy of CourtNewsOhio.gov A lease that grants oil and gas rights to another party and was recorded with the county recorder is a title transaction under the state’s Dormant Mineral Act, the Ohio Supreme Court ruled today. However, the Court...
When a Mortgage Covers More Than One Property
When packaging several properties into one mortgage loan, the lender often files one mortgage that covers all the properties. Add to this the fact that in Ohio, the mortgage is often structured as an open-end mortgage with the maximum total indebtedness identified on...
IF A CONTINGENCY CLAUSE DOESN’T FIT; SIMPLY ALTER IT.
Typically, sellers of real property want quick sales with no contingencies; want to sell “as, is”; and want no liability after the sale. Buyers, of course, usually desire the opposite: they want long diligence periods, and accordingly later closing dates; a host of...
Before Renovating or Demolishing Your Building, Don’t Forget To Investigate The Presence Of Asbestos
When you mention the word ‘asbestos’ many people think of the late night commercials run by law firms regarding mesothelioma. That dreaded disease is typically contracted by a person having breathed a significant amount of asbestos fibers or airborne asbestos dust....
Lease Option or Installment Sale; what is the Economic Reality of your Transaction?
By: Donald J. Valachi, CCIM, CPA Editor’s notes: Reprinted with permission from Commercial Investment Real Estate, The Magazine of the CCIM Institute, May/June 2015, Vol. XXXIV, No. 3 (This article, which originally appeared in Commercial Investment Real Estate,...
County Land Banks in Ohio: Tackling Abandoned Property One Parcel At A Time
Here’s a scenario that’s all too common in cities across Ohio: A structure, often a house in a struggling residential neighborhood, stands empty, abandoned by its titled owners and steadily deteriorating year by year. The lender could foreclose and take title to the...
Ohio Assembly Enacts Shift in Receivership Environment after Six Decades of Inactivity
Reprinted with permission from author Christopher D. Caspary, Staff Attorney, Cuyahoga County Court of Common Pleas. (This article was originally printed in the September 2015 Cleveland Metropolitan Bar Journal) Introduction The last time the Ohio...
Ohio Supreme Court Upholds NEORSD’s Stormwater Management Program
On September 15, 2015, the Ohio Supreme Court issued its long awaited decision in Northeast Ohio Regional Sewer Dist. v. Bath Twp., Slip Opinion No. 2015-Ohio-3705, and found in favor of the sewer district. The Northeast Ohio Regional Sewer District (“NEORSD”) is a...
Recent Real Estate Legislation Introduced in the Ohio Legislature
Recent bills of the 131st General Assembly (See https://www.legislature.ohio.gov/) pending in the Ohio House and Ohio Senate related to real property are as follows:...