One of the most important procedures that takes place prior to the closing in any real estate transaction is the due diligence process. The due diligence process typically takes place once the purchase agreement is signed by the parties, but the due diligence process may also begin prior to the execution of the purchase agreement depending on the transaction. While there are many different types of due diligence that can occur, this post will cover three specific areas: (i) title review; (ii) environmental review; and (iii) physical inspections.
Oftentimes, a commercial lease (as well as other real estate contracts) will contain a "Waiver of Subrogation," but few landlords, tenants and other parties realize the importance of such provision and how a waiver of subrogation can help manage and allocate potential risk.
The Board of Zoning Appeals ("BZA") of a political subdivision in Ohio is an administrative body which conducts "quasi-judicial" proceedings. BZA decisions can be appealed under Ohio Revised Code §2506.01. State ex rel. Travelcenters of Am., Inc. v. Westfield Township Zoning Comm (1999) 87 Ohio St.3d 161.
The Board of Revision is traditionally the starting point for appealing the County's valuation of your real property. But is a Board of Revision determination final, or is further review available? Further review is available; determinations of the Board of Revision may be appealed to either the Board of Tax Appeals or the Court of Common Pleas. Below are some fast facts regarding the appeals process.
Many communities in Ohio have Boards of Zoning Appeals ("BZAs") to address issues such as variances, special permits and conditional uses. In Ohio, variances can take one of two forms as either an area variance or a use variance. An area variance is often a variance from size requirements such as minimum lot dimensions or minimum setback requirements. Use variances allow for a use which is not generally allowed within that particular zoning district. Use variances are disallowed by many local zoning codes.
As a real estate and corporate attorney, I often work with clients who own investment or rental property. A common question often arises: Should a client hold title to real estate in the client's individual name, or would the client be better served by holding the property in a limited liability company (i.e., an LLC) or a corporation. Of course, the answer depends on the specific circumstances of the client's situation, but there are often advantages to holding property in an entity owned by the client.
As the deadline to pay real estate taxes for the first half of 2013 rapidly approaches, property owners may suddenly question the County's valuation of their property. Why is valuation important? Because a property's valuation is a significant factor relative to determining the real estate taxes associated with that property. Disagree with the County's valuation? You may wish to consider whether filing a Complaint Against the Valuation of Property (also known as a real estate tax appeal or real estate tax complaint) makes sense for you and your property.
An Ohio family in Mahoning County has demonstrated their commitment to property rights, swimming, or both.