Ohio Homestead Exemption Application DTE 105A

An Installment Land Contract is used when you want to sell a property in Ohio and you plan to finance the purchase by allowing the buyer to pay the purchase price over time.

• An installment contract is also called a Contract for Deed, because at the end of the contract when the buyer has paid all of the amounts due under the contract, the seller transfers the title deed to the buyer.
• This type of contract is often used when selling property to a family member.
• You can only use the land contract for selling a property that has a home built on it, or a mobile home which is attached to the property. You can't use this contract to sell bare land.
• If the buyer fails to keep up the payments or does not perform any of its other obligations, the seller can repossess the property and keep all payments made as liquidated damages.
• The template includes a Lead Paint Disclosure, as required by federal laws.
• Intended to be used only in the State of Ohio.

Buy and sell bare land in the State of Ohio with this Land Purchase Agreement.

• There is a 30-day period for satisfaction or waiver of the buyer's contingencies prior to closing. The closing date may be extended if agreed to by the parties.
• The escrow agent will hold the buyer's deposit and apply it to the purchase price as earnest money at closing. The balance of the purchase price will be paid over time under the terms of a promissory note, which will be secured by a pledge agreement.
• The purchase is contingent on the seller obtaining an acceptable Phase I environmental report on the property.
• The buyer must obtain a commitment for title insurance on the parcel.
• The buyer will be responsible for the costs of any desired surveys or additional environmental reports, as well as the cost of the title insurance. The seller will be responsible at its sole cost for curing any defects in title that are not acceptable to the buyer.
• At closing the seller will provide the buyer with a registrable warranty deed, a seller's affidavit regarding all off-record title matters, a FIRPTA affidavit, a closing statement, and any other documents that are necessary to complete the conveyance of the real property.
• Both parties agree to indemnify and hold the other party harmless from any commissions or broker's fees.
• Available in MS Word format. Fully editable.
• Intended to be used only in the State of Ohio.

Avoid probate and transfer real estate property to a beneficiary with this Ohio Transfer on Death Designation Affidavit.

What is a Transfer on Death Designation Affidavit?

A Transfer on Death Designation Affidavit (also called a TOD Designation Affidavit or TODDA) is a legal document used in the State of Ohio that allows a property owner to name a beneficiary to automatically inherit their real estate upon the owner's death. It provides a means to bypass the long, costly probate process.

How to Use the TODDA

The Transfer on Death Designation Affidavit (also called a TOD Designation Affidavit) must be completed, signed and filed with the County Recorder's Office while the owner of the property is still alive.

Filing a TODDA will not affect your ownership rights or your ability to sell, mortgage, lease or otherwise deal with the property during your lifetime, and without the beneficiary's consent. You can also change or revoke the TODDA at any time.

What Happens After Your Death

When you pass away, the named beneficiary must file a Transfer on Death Confirmation  Affidavit along with a death certificate and original TOD Designation Affidavit to claim the property.

When the original property owner dies, the transfer will be completed by filing a death certificate and an affidavit signed by any person who knows all of the facts (this person can be anyone who knew the decedent well, including the beneficiary).

Joint and Survivorship Title

Ohio property owners who own their property under a "joint and survivorship" title can still use a TODDA, but all joint and survivorship owners must sign the form. When one of the owners dies, the property automatically passes to the surviving owner. But when the last surviving joint and survivorship owner dies, the property will then pass to the designated beneficiary.

TODDA Does Not Affect Taxes

A Transfer on Death Designation Affidavit does NOT eliminate any federal estate taxes that are payable by the estate.

Format and Jurisdiction of TODDA Form

The Transfer on Death Designation Affidavit is a downloadable legal form in MS Word format, which can be filled in, signed, notarized, and recorded with the County Recorder. This form is prepared for use only in the State of Ohio.