QUESTION
Is there a minimum amount of principle required to be paid to receive equity title and land contract?
Asked on Aug 27th, 2020 on Real Estate - Ohio
More details to this question:
Is there a minimum amount of principle required to be paid to receive equity title and land contract? I read that after 20% of principle is paid in Ohio, a vendor must use foreclosure process to remove Vandy from home under land contract. Does that 20% represent a minimum amount required for Vandy to claim equity title?
1 ANSWER
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Title is not transferred until all payments are made. While you are right that there needs to be a foreclosure proceeding rather than an eviction if you've paid a sufficient amount of the principal, title does not transfer until you've paid in full.
Answered on Sep 02nd, 2020 at 2:47 PM