|
|
|
Ohio Abstractors, Beware the Terminating Homestead Exemption
by Robert Franco  | 2018/01/21
In Ohio, the disabled and elderly can receive a break on their real estate taxes by applying for a homestead exemption. The exemption is generally available to Ohio residents who are disabled or at least 65 years old, who own and occupy their home and meet certain income thresholds. For a title abstractor, it is important to note on the search that the taxes have been reduced by a homestead exemption so that the escrow agent can calculate taxes properly for a new owner - who may not qualify for the exemption. It is also important to note when homestead may be ending without a transfer of title, such as may happen when a homeowner passes away but their estate has not conveyed the real estate.
Read on for more information about homestead, and an example that can catch an abstractor and escrow agent off guard.
[read more...]
Categories: Abstractors, Escrow/Funding, Ohio Legislation, Title Problems
Source of Title Blog :: :: |
|
|
|
|
|
|
|
|
Foreclosures in Ohio After Schwartzwald
by Robert Franco | 2012/12/31
On October 31, 2012, the Ohio Supreme Court decided Federal Home Loan Mortgage Corporation v. Schwartzwald, finally answering the question: Can the lack of standing or a real party in interest defect in a foreclosure be cured by the assignment of the mortgage prior to judgment? Until Schwartzwald, there was a split on this issue among the courts of appeal. According to the Ohio Supreme Court, "a lack of standing at the outset of litigation cannot be cured by receipt of an assignment of the claim or by substitution of the real party in interest." What does this mean for the many foreclosures that have not followed this rule of law and what do title examiners need to look for when reviewing foreclosures in the chain of title?
[read more...]
Categories: Abstractors, Foreclosures, Title Industry, Title Problems
Source of Title Blog :: :: |
|
|
|
|
Work From Home as a Title Abstractor!
by Robert Franco | 2012/06/12
I guess it really isn't anything new... with online records becoming so prevalent, many title abstractors have traded their traditionally casual attire for silk jammies. Though online access varies from county to county, I have always been of the impression that you really can't do a thorough search from the comforts of your living room. First, it is rare that all of the records you need are available online. And, second, the "official records" are usually on found in the county courthouses. Nonetheless, ads are popping up offering "work from home" positions for title abstractors.
[read more...]
Categories: Abstractors
Source of Title Blog :: :: |
|
|
|
|
Can A Trust Hold Title In Ohio?
by Robert Franco | 2012/02/23
Generally speaking, a trust is not a legal entity and it may not hold title to real property, with a couple of exceptions for specific types of trusts. Rather, it is the trustee who holds title for the benefit of the beneficiaries of the trust. For example, the proper grantee on a deed funding a trust with real property is "Jon Smith, Trustee of The Jon Smith Trust." A deed to "The Jon Smith Trust" is a void ab initio because the trust is a non-entity. Unfortunately, there are many deeds of record purporting to convey the property to the trust, with no mention of the trustee. Ohio has recently passed a bill that will allow for such defects to be cured.
[read more...]
Categories: Abstractors, Ohio Legislation, Title Problems
Source of Title Blog :: :: |
|