Land contract Seller Payback 80% if Buyer defaut

[Jake Bourgraf]

I just got off the phone with a seller who states that in a land contract, he would have to pay back up to 80% of payments to the buyer if the buyer defaults. Thus, he wants nothing to do with carrying the note. This is in OHIO, and I can not find anywhere that it states what he is saying. Has anyone run into this or have anything that states it or not? 

[Chris Seveney]

Quote from @Jake Bourgraf:

I just got off the phone with a seller who states that in a land contract, he would have to pay back up to 80% of payments to the buyer if the buyer defaults. Thus, he wants nothing to do with carrying the note. This is in OHIO, and I can not find anywhere that it states what he is saying. Has anyone run into this or have anything that states it or not? 

 we have done a lot of land contracts in Ohio and I have never seen this. There are rules in Ohio where if the borrower has more than 20% equity or has held the land contract for more than five years then the lender must go through a judicial foreclosure as if it was a mortgage. 

In Maryland there is a law if it is not recorded the borrower at any point can request all payments be reimbursed back to them. CRAZY