What Is A Commercial Ground Lease And Is It The Same As A Commercial Land Contract
The words ground and land may be synonymous in the thesaurus however, thats where the similarities between a commercial ground lease and commercial land contract end. At its most basic level, a commercial ground lease is not a sale of land, but rather a rental of land to a tenant that plans to build on the property. Typically, a commercial ground lease is a long-term commitment .
Why would a tenant opt for a commercial ground lease? In most cases, tenants seek commercial ground leases for land in high traffic or well-populated areas because often such land is cost-prohibitive. And, since the tenant has the desire to build on the land, they prefer to direct funds toward construction costs rather than upfront costs associated with a commercial real estate purchase.
For the landowner, a commercial ground lease allows them to retain control of the land while enjoying a steady stream of income from the tenant. Furthermore, the tenant is responsible for all costs for improving the land thus, increasing the overall value of the commercial property.
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For landowners with more than 30 acres to sell, Bruner Land Company will accommodate a quick sale, with easy cash closings. Well take care of all the most complicated steps of the sale process, making the necessary connections and avoiding costly realtor fees, buyer premiums, title work and surveys.
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Ohio has dozens of rivers and more than 100 outdoor parks and recreational experiences for public enjoyment. Hocking Hills State Park is a great spot for children, adults, and people with disabilities. The park has more than 100 electric sites with heated showers, laundry bathrooms, playgrounds, and a swimming pool. Rent cabins on-site, go fishing at Rose Lake, hunt, enjoy a picnic, or go hiking and biking on trails ranging from 0.25 to 6 miles.
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The Info Every Ohio Land Contract Should Contain
According to the Ohio legislation, every land contract needs to have a duplicate signed by both parties. Make sure to include the following information:
- Names of both parties
- Current mailing addresses of the buyer and the seller
- The date of signing the contract
- A legal description of the property that is being sold
- Fees and charges for services in addition to the contract price
- The price of the property
- The entire amount to be paid for the property
- The amount of money of separate installment payments
- Due date of each installment payment
- The amount of the buyers down payment
- A statement that the person selling a house will provide a general warranty deed once the contract is completed
- Interest rates on the unpaid installments
- A copy of the deed
- Disclosure of encumbrances, such as liens and mortgages
While these are the crucial statements of land agreements in Ohio, you may be able to add certain changes. Note that land contracts can last for decades, so it would be smart to get professional legal help before adding anything.
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Recording A Commercial Land Contract In Ohio: Who Does It And How
Upon execution, the commercial land contract in Ohio must be recorded with the county recorders office within the jurisdiction of the real estate . In Franklin County, Ohio , you can find the recorders office in Columbus on 373 S. High Street, 18th floor. Search OhioRecorders.com for an office near you. Be aware that, within 20 days of signing the agreement, you must file a record of the land contract in the office where the property is located.
As described above, when entering a land contract, Ohio has specific requirements that you must meet. Make sure you research these requirements, as well as the property you are considering. Anytime you are about to enter a binding agreement, you should consult an attorney for legal advice. Contact the Ohio State Bar Association to find an attorney in your area. Alternatively, if youre unable to afford an attorney, reach out to Ohios legal aid program at 1-866-Law-Ohio. Their programs cover all 88 counties in the state. And, their team can assist you with the execution of your commercial land contract in Ohio.
Land Installment Contracts In Ohio: A Brief Look
Commercial Real Estate Agent and Broker | 3rd Generation CRE Leader in Central Ohio
Has your latest commercial real estate investment been grounded due to financing challenges? Maybe the answer to your woes is a land contract in Ohio!
Simply put, a land contract, or a land installment contract, is a direct agreement solely between a seller and a buyer. The contract is a seller-financed lending agreement, which requires the buyer to pay monthly installments until a balloon payment is due toward the end of the agreement. There is no bank or financial institution involved in a land contract.
Does the absence of a financial institution make you nervous? Dont worry! A land contract in Ohio is a legal document prepared and reviewed by attorneys.
So, why choose a land contract when there are alternative loan agreements available? We make our case below however, for a comprehensive look at this unique land financing vehicle, you can check out our in-depth article on land contracts in Ohio.
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Land contracts in Ohio are complicated financing vehicles with lots of moving parts, but theyre not impossible to conceive. Thats why you need The Robert Weiler Company at your side! Whether your commercial real estate deal involves a traditional mortgage or an alternative route, partner with an expert that has an 80-year track record.
If you are still not clear on the answer to, What is a land contract in Ohio? check out our in-depth guide in the link below. And, when youre ready, one of our outstanding team members is happy to take your call at 614-304-3256.
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What Is A Land Contract In Ohio Full Guide
In commercial real estate, buyers and sellers must be knowledgeable to make informed decisions. Are you familiar with a commercial land contract in Ohio, as well as the state-specific requirements? What is a commercial land contract in Ohio, really? Essentially, a land contract is an alternative financing option if youre investing in:
- Farmland or raw land
- A commercial building
- A home or condo
While a commercial land contract might be ideal for you, there are important details you need to know, first. So, what is a land contract agreement, and how does it work? Let us give you a lay of the land ! Learn how you, the commercial real estate investor, can avoid the bank and make an agreement directly with the seller.
How Can The Robert Weiler Company Assist With A Commercial Land Contract In Ohio
The world of commercial real estate can be complex let the team at The Robert Weiler Company untangle the layers for you! Interested in purchasing commercial real estate and want to pursue a less traditional route? A commercial land contract in Ohio may be ideal for you. Our licensed commercial brokers can also help you find buyers for your land sale contract.
Our skilled commercial brokerage team has had a personal connection to the greater Columbus, Ohio community for over 80 years. We come with a deep understanding of the market as well as a meticulous and up-to-date knowledge of the industry. As such, we have the expertise to elaborate further on the two most asked questions: How do land contracts work? and What is a land contract in Ohio? Speak with one of our CRE brokers today at 614-221-4286.
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Learn About Ohio Land Contracts
There are a few key details that a Buyer or Seller should know before entering into a Land Contract in Ohio. On this site you will find:
legal overviews about a Land Contract and how it may be used in Ohio
details on the financial considerations involved with an Ohio Contract for Deed
a list of ways to create an Ohio Land Contract, either as a do-it-yourself document or with full-service professional help and
how and where to file a Land Contract in Ohio after it is signed.
This site also provides information about the requirements set forth by Ohio cities and counties in relation to seller-financed real estate, installment contracts, taxes, insurance and more.
How Do Commercial Land Contracts Differ From Other Loan Agreements
You may have noticed by now that a land contract sounds similar to a mortgage. The big difference is that you are not borrowing money from a bank or lender and paying back the purchase price plus your mortgage payments to the bank. Instead, you are paying these installments to the seller. As such, some investors that buy Ohio property for sale to flip consider offering a land contract for their real property.
Aside from direct payments from the buyer to the seller, commercial land contracts differ from other loan agreements, as follows:
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What Questions Should You Ask Before Entering A Land Contract
Once you execute a land contract, you become legally bound to the terms and conditions laid out. Therefore, its critical that you understand exactly what youre getting yourself into. Below are some questions that you should ask the seller before you even consider a land contract in Ohio.
- Who legally owns the property for sale?
- What is the condition of the land and property?
- Are there any outstanding claims against the property?
- Is there another land contract already on the property?
- Is the buyer or seller responsible for the maintenance of the land and property?
- What is the required minimum down payment?
- Is there a grace period for the installment payments?
- Which party is responsible for drafting the land contract?
Ensure complete answers to all questions listed above with proper legal representation. Additionally, a thorough inspection, land appraisal , and financial and credit history review should be performed on both sides.
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Are There Any Land Mines To Avoid In Land Contracts
Wed be foolish if we told you that a land contract in Ohio is void of any risk. Both buyers and sellers can be exposed in the deal.
- Buyers may still require a loan to meet the balloon payment at the end of the land contract.
- Buyers do not retain the title or deed to the property until the contract is completed.
- Buyers can be evicted for a missed payment under the conditions of the contract.
- Sellers have the burden of adequately vetting the buyer.
- Sellers can lose the sale at any time during the contract period.
- Sellers have no control over property maintenance once the buyer takes control.
How To Find Ohio Land Contract Homes
Are you interested in purchasing a home in Ohio through a seller-financed Land Contract? Finding such a property can be a bit difficult, as just 9% of all real estate transactions are done FSBO and only a small percentage of those homes are transacted through a contract for deed. But there are resources available to help you find Ohio Land Contract homes.
Obviously, most homes sales completed in the state of Ohio are done using a traditional bank mortgage loan. That type of financing structure is the preferred way to sell a property through the real estate agent system agents love mortgage sales because its the easiest way for the realtor to get paid.
Its rare to find a Land Contract home offered by a realtor most Land Contract homes are sold FSBO .
It takes a bit more work on a Sellers part to offer a home For Sale by Owner, and a little more effort still to provide the Buyer with seller-financing.
But the financial benefits to the Seller can be significant and worthwhile, which is why a consistent part of the real estate market is open to Land Contract transactions.
A Buyer simply needs to know where to look, what to look for, and what question to ask even if a Seller hasnt said that a Land Contract is an option.
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What The Buyer Should Know Before Entering The Land Contract In Ohio
Land contracts in Ohio come with numerous obligations, and the buyer ought to know certain information before deciding to sign this agreement. They should make sure to find out:
- Who the legal owner of the property is
- What the condition of the land and the dwelling is
- Who is going to draft the land contract
- Whether there are possible claims against the property
- Who will be responsible for maintaining the property and the land around it
- If there is another land contact currently active on the same property
- Whether there will be a grace period for installment payments
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