The “general rule with regard to determining value of real property (in order to calculate real estate taxes) is that the purchase price at a recent (within 3 years) “arms length sale” of the property between a willing buyer and willing seller is dispositive. What...
What is an Open-End Mortgage? Generally, an open-end mortgage is one that remains open after it has been delivered to the county recorder, and it permits the lender/mortgagee to make advances on the loan that are secured by the original mortgage, but only to the...
Putting valuable tax dollars back into the pockets of U.S. businesses for job creation and growth. Re-printed with permission by author: Craig Miller, CPA, CGFM, MBA, Duffy+Duffy Cost Segregation Services, Inc. Long-Term Certainty through the Tax Extenders Bill:...
A 2015 Ohio appellant court decision out of Lorain County serves as an important reminder of the duty of care owed by real estate brokers/agents and the expensive consequences that result when communication between a real estate agent and a homeowner is imprecise. The...
(Watch Your Language & Say What You Mean, Precisely or a Judge Will Tell You What You Meant #10) While IBM’s Deep Blue beat Gary Kasparov in their series of chess matches in the late 90’s, in Love v. Beck Energy Corp., 2015-Ohio-1283 (7th Dist. Ct. of App., Noble...
On September 21, 2015, we published an article on this blog regarding the Ohio Supreme Court upholding the Northeast Ohio Regional Sewer District’s (NEORSD) stormwater management program. Since then, NEORSD has been posting updated information on their web site to...
As you know, lawyers are the only group of professionals who can write a 50+ page document and call it a “brief”. Commercial leases are anything but brief, usually totaling 25-50 pages, with some leases surpassing 100 pages. Many stop reading at the signature page of...
Every mortgage loan agreement contains provisions that address casualty and condemnation (i.e., eminent domain) affecting the property. All such provisions give the lender some degree of control over the proceeds and identifies what happens to the proceeds, and are...
Commercial leases in Ohio must be in writing and signed (See Ohio’s “Statute of Frauds”- ORC Section 1335.04), and, they must be acknowledged (e.g., notarized) when their terms (duration) exceed three (3) years (See ORC Section 5301.08; ORC Section 5301.01). If these...
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...