Attorneys and realtors have very different roles in the real estate transaction. I have found that the more experienced lawyers and realtors appreciate and recommend the hiring of the other in their real estate transactions. The realtor knows the market and seeks the highest price for their seller, and the best property at the lowest price for their buyer. They act as the financial advisor to their client and help them make the best business decisions. The knowledgeable realtors know that they should not be giving legal advice, and always recommend the hiring of a good real estate attorney, not only for the benefit of their clients, but also to eliminate their own exposure in the transaction.

The real estate transaction is usually the largest transaction of a person’s life time. It is fraught with legal traps and difficulties. From drafting effective provisions in the contract to analyzing title and obtaining the appropriate title insurance for the client, the real estate attorney helps the client through the maze. As one who is often hired after the fact in order to correct a problem that has occurred during the transaction, I can tell you that it is easier and much more cost efficient to hire the attorney at the beginning of the transaction, than after things go wrong.

Posted by John Joseph at 9:42 PM | Permalink | TrackBacks (0) | Comments (0)

Ohio law requires an owner of residential rental property to file with the county auditor of the county in which the property is located.  The following is the information required to be filed: 

• The name, address and phone number of the owner or contact agent
• The street address and parcel number of the residential rental property
•  Any owner of residential rental property who resides outside of the state shall designate an individual who resides in the state to serve as the owner’s agent
•  Any owner who designates an agent shall file in writing the name, address and telephone number of the agent
•  An owner shall update the information, within sixty days after they are notified by receiving a tax bill, a property transfer or any change in the                            information occurs

If the residential rental property is owned by a business entity, one of the following must make the filing: A trustee, in the case of a trust or business trust;The executor or administrator, in the case of an estate; A general partner, in the case of a partnership or a limited partnership; A member, manager or officer, in the case of a limited liability company; An associate, in the case of an association; An officer, in the case of a corporation; A member, manager or officer in the case of any other business entity.

Posted by John Joseph at 8:55 AM | Permalink | TrackBacks (0) | Comments (0)