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Source of Title Blog : Ohio Legislation

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 :: 1 comments ::

Ohio Bill Introduced to Abolish Dower
by Robert Franco | 2017/12/10

Ohio is one of only a handful of states that still recognizes dower.  There has been talk about abolishing it for years, but nothing much has come of it until now.  On November 7, 2017, House Bill 407 was introduced and it is currently assigned to the Civil Justice Committee for hearings.  

[read more...]

Categories: Ohio Legislation, Real Estate Law, Title Problems

Source of Title Blog :: 0 comments ::

Positive Changes in Ohio's Budget Bill: Recording Fee Hike Nixed, and more...
by Robert Franco | 2017/06/28

Ohio House Bill 49, the FY 2018-2019 Operating Budget, is headed to the Governor's office with a couple of significant, and positive changes. As I blogged a couple of months ago, they tried to sneak a massive increase in recording fees into the budget bill - changing to a flat-fee structure. That entire proposal has been nixed. And, the Good Funds Law is getting a much needed update to increase cash and cashier check limits.  

[read more...]

Categories: Escrow/Funding, Ohio Legislation

Source of Title Blog :: 0 comments ::

Confirmed... The Ohio Good Funds Law is Harming Consumers
by Robert Franco | 2017/05/17

A few days ago I wrote a blog about wire fraud.  I commented that those responsible for the change in our good funds law were at least partially to blame for innocent consumers getting conned out of their life savings.  Well, yesterday a local ABC news station has confirmed that I was right.

[read more...]

Categories: Crime, Ohio Legislation

Source of Title Blog :: 3 comments ::

Email Fraud in Real Estate Transactions is on the Rise
by Robert Franco | 2017/05/14

A scheme that targets real estate transactions can be devastating to potential homebuyers.  Such scams are on the rise and changes intended to protect settlement professionals may have made matters worse for many innocent, unsuspecting consumers.

[read more...]

Categories: Crime, Escrow/Funding, Legislation, Ohio Legislation, Risk, Liability and Claims, Title Industry

Source of Title Blog :: 2 comments ::

The Ohio House Sneaks a Massive Recording Fee Increase into the New Budget Bill
by Robert Franco | 2017/04/25

It was kept relatively quiet, though rumors have been circulating for a few weeks. Today the Ohio House of Representatives introduced a substitute budget bill that includes a massive increase in recording fees. Some documents will cost more than double if this version of the budget passes.  

[read more...]

Categories: Ohio Legislation, Public Records, Title Industry

Source of Title Blog :: 0 comments ::

Is Notice by Certified Mail Worth the Cost?
by Robert Franco | 2017/04/03

Certified mail is the most common form of notice required by law. It is intended to provide some assurance that notice is actually provided by getting the recipients signature acknowledging receipt.  But, is it really all that effective? More importantly, is it really worth the cost?  The Ohio legislature seems to believe that there is a better way to provide notice in some circumstances.

[read more...]

Categories: Ohio Legislation

Source of Title Blog :: 1 comments ::

Ohio House Bill Introduced to Regulate Solicitation of Deeds
by Robert Franco | 2017/03/22

The "Deed Scam" was discussed here on Source of Title more than a decade ago, and it hasn't gone away.  It refers to the official looking letter that warns you that you need a certified copy of your deed and then offers to get it for you... for $70.00, or more.  Considering I can get a certified copy for about $6.00 at the court house, I have always felt that this was nothing but a scam.  And, I'm not alone. 

[read more...]

Categories: Consumer Advocacy, Crime, Ohio Legislation

Source of Title Blog :: 3 comments ::

In God We Trust... Everyone Else Gotta Pay by Wire Transfer
by Robert Franco | 2017/03/12

In Ohio, the new Good Funds Law that goes into effect on April 6, 2017, will require any funds over $1,000 be provided by wire transfer for all residential closings.  Cash and cashier's checks for amounts over $1,000 will no longer be accepted.  

[read more...]

Categories: Escrow/Funding, Ohio Legislation

Source of Title Blog :: 1 comments ::

A New Curative Statute is Working its Way Through the Ohio Legislature
by Robert Franco | 2016/08/28

Ohio currently has a statute that cures certain defects in recorded instruments when they have been of record for more than 21 years.  Defects that can be cured include improper witnessing and missing or defective acknowledgements.  Senate Bill 257, if it passes, will broaden the application of the statute and shorten the time it takes for the cure to take effect. 

[read more...]

Categories: Ohio Legislation

Source of Title Blog :: 2 comments ::

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Source of Title Blog

Robert A. FrancoThe focus of this blog will be on sharing my thoughts and concerns related to the small title agents and abstractors. The industry has changed dramatically over the past ten years and I believe that we are just seeing the beginning. As the evolution continues, what will become of the many small independent title professionals who have long been the cornerstone of the industry?

Robert A. Franco
SOURCE OF TITLE

 

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