I’ve fielded many questions from real estate investors about how a foreclosure works in Ohio. The most common question goes something like this: “do I get clear title if I buy this property,” but what they’re really asking about is the risk. The only real answer to this question is, with any other area of […]
An investor, maybe you, wants to lend some money to a real estate investor. What kind of documents are required for this transaction? The answer depends on the complexity of the transaction, but lending professionals tend to use similar documents across the board for a standard transaction. We will start with the most important documents […]
Private lending, or “hard money” lending, is a great way to deploy funds in a self-directed IRA. With interest rates approaching 15-20% in some cases and fixed payments coming in every month backed by real estate, it’s a passive investment that’s hard to beat. In this article, I’ve summarized a few key due diligence items […]
Home sale fraud by the seller is so common that we deal with it nearly every day. When I hold a consultation with a client, it’s often helpful to give examples of prior instances of fraud where a court held the seller liable. This gives us a yardstick of severity by which we can judge […]
Mechanic’s liens are the easiest way for a contractor to collect from deadbeat customers. The legal process, however, is not easy. Below we’ll detail some of the requirements and give a practical overview of the process. Why a mechanic’s lien? A mechanic’s lien has the same effect as a mortgage on property. If you successfully […]
Every time there’s a torrential downpour, we can count on many new homebuyers calling us with stories of wet basements and leaky roofs. These problems can put a homeowner out thousands. It’s only fair that a seller who advertised the home as perfectly dry and habitable should be held to account for concealing a leaky […]
Many promissory notes and mortgages contain a provision awarding attorney’s fees for foreclosing on the borrower. This even includes Fannie Mae’s uniform mortgage for Ohio. Many lenders can and do successfully collect attorney’s fees on collection and foreclosure judgments. However, as we know elsewhere in real estate law, just because the contract says you can […]
We see it all the time — an investor bought a property that seemed like a sweet deal, but turned out to have a mortgage on it from a prior owner. No wonder it was so cheap! The investor calls me up and asks me what we can do about it. Let’s set aside the […]
An enterprising investor on BiggerPockets discovered this useful nugget in the Fannie Mae Servicing Guide from 2017: Section D1-4.1, Information Relating to Transfers of Ownership Applicable to All Mortgage Loans D1-4.1-01, Determining Whether a Transfer of Ownership Is Permitted (11/12/2014) […] D1-4.1-02, Allowable Exemptions Due to the Type of Transfer Unless the previous borrower requests […]
Did you know that some of that boilerplate language in your lease might cost you thousands of dollars in a lawsuit brought by your tenant? It can happen to you if you are a landlord in the City of Cleveland. The little known Chapter 375 of the Codified Ordinances of Cleveland, Ohio, titled “Landlords and […]