Mentor

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Title companies and lenders handle closings. Conveyance is by warranty deed. Dower rights require that all documents involving a married person must be executed by both spouses. Mortgages are the security instruments. Judicial foreclosures, the only kind allowed, require about 6-12 months. People in Ohio use ALTA policies; they get a commitment at closing and a policy following the recording of documents. Buyers and sellers negotiate who’s going to pay closing costs and title insurance premiums, but sellers pay the transfer taxes. Property tax payment dates vary throughout the state.

Varies throughout the state

YES. Key components of property management (leasing and renting) are considered real estate activities under existing Ohio real estate licensing laws. If a property manager is going to lease, rent, list, procure prospects or negotiate, assist, or offer to perform any of those acts, or if he or she operates, manages or rents any building or portions of buildings to the public as tenants (other than a custodian, caretaker or janitor) he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. Limited exceptions apply. For example, property owners are exempt. For more information about these and other Ohio property management requirements and exceptions, please contact the Commerce Division of Real Estate and Professional Licensing. Before hiring a property manager to manage your Ohio rental property, you should always check that he or she is licensed appropriately. You can check the license status of Ohio property managers using the License Lookup function.

There is no requirement that a community association manager or condo association manager in Ohio hold a real estate broker's license.

Ohio real estate broker licensing requirements include: - Age: must be at least 18 years of age - High School: must have a high school diploma or equivalent - Experience: must have been actively engaged as a licensed real estate salesperson for an average of thirty hours a week for at least two of the last five years (including having been involved with at least 20 transactions) - Education: Ohio's education requirement for becoming a real estate broker is one of the more rigorous. Applicant's must show proof of having taken the following courses: - Exam: must pass the real estate broker examination - Fee: application fee is $100 - 40 hours of prelicensing Ohio Real Estate Law - 40 hours of prelicensing Ohio Real Estate Principles and Practices - 20 hours of prelicensing Real Estate Appraisal - 20 hours of prelicensing Real Estate Finance - A Financial Management course - A Human Resources or Personnel Management course - An Applied Business Economics course - A Business Law course - And, a minimum of two years of post-secondary education, or equivalent hours of (60) sixty semester or (90) quarter hours.

Ohio real estate salesperson licensing requirements include: - Age: must be at least 18 years of age - High School: must have a high school diploma or equivalent - Education: applicant's must show proof of having taken the following courses: - Exam: must pass the real estate salesperson examination - Sponsorship: must be sponsored by an Ohio broker - Fee: application fee is $60 - 40 hours of prelicensing Ohio Real Estate Law - 40 hours of prelicensing Ohio Real Estate Principles and Practices - 20 hours of prelicensing Real Estate Appraisal - 20 hours of prelicensing Real Estate Finance