All Forum Posts by: Tom Gimer

This provision sounds like an effort to avoid transfer taxes rather than real property taxes. From a quick search it appears that OH fully re-assesses all properties every 6 years and updates those values every 3 years, regardless of whether or not there has been a change in ownership. 

Many foreclosing attorneys won't even give a special warranty deed, so you're doing just fine. All you care about on the title side is whether the title insurer will issue you an owners policy. Review specific exceptions to coverage. 

Ground rents are common in the City and County, have existed for 200+ years, and are accepted in the market. Don't let a property subject to ground rent deter you. Like Teresa said, the ground can always be redeemed pursuant to statute with the buyout figure based upon date of the lease and annual rent.

Contracts are between buyers and sellers. Title companies are typically not parties to sales contracts or assignment agreements. The only time a title company would execute such an agreement would be to acknowledge receipt of an EMD or some specific terms related to escrow/conditions of release of funds.

And to answer an earlier question, if the LLC members were identical to the individual owners, there would be no need for a new title insurance policy. The LLC would meet the definition of the term "insured" under the standard ALTA owners policy.

No address in the ad? Odd that you are even interested in the sale.

If the foreclosure advertisement doesn't provide the address or at a minimum the parcel/Tax ID number of the property or the recording information of the security interest being foreclosed (so that this information could be ascertained), I imagine very few bidders will be at the auction. Further, the lender may have a claim against the auctioneer.

Mom may have recorded a life estate deed, with the 3 kids as remaindermen. You can likely confirm this yourself by a search of the local land records. If so, not much would need to be done other than to say "no", as the kids would currently own the property outright by operation of law.

Now, that said, step-dad may have his own claims to be considered in evaluating all of this if he in fact contributed to mortgage payments, maintenance, etc.

How an entity transfer would be structured depends upon who or what currently owns the properties. Your agent may be suggesting that you purchase the entity that currently owns the properties (rather than the properties themselves). Typically that type of transfer does not trigger a re-assessment... because there hasn't been a change in the land or tax records.

One drawback of doing such a thing is you would be purchasing the assets (which you want) and liabilities (which you don't want) of the entity. 

The seller should be obligated (under your purchase agreement) to provide tenant estoppel certificates as to each lease as well as rent roll. Have a look.

Read your agency agreement. You may be obligated to pay your agent a commission if he/she introduced you to this property. Writing your own offer won't change that.

If your agent is unresponsive to your wishes, voice your concerns. It might be time to sever the relationship.