(A) "Land installment contract" means an executory agreement which by its terms is not required to be fully performed by one or more of the parties to the agreement within one year of the date of the agreement and under which the vendor agrees to convey title in real property located in this state to the vendee and the vendee agrees to pay the purchase price in installment payments, while the vendor retains title to the property as security for the vendee's obligation. Option contracts for the purchase of real property are not land installment contracts.
(B) "Property" means real property located in this state improved by virtue of a dwelling having been erected on the real property.
(C) "Vendor" means any individual, partnership, corporation, association, trust, or any other group of individuals however organized making a sale of property by means of a land installment contract.
(D) "Vendee" means the person who acquires an interest in property pursuant to a land installment contract, or any legal successor in interest to that person.
(E) "Legal description" means a description of the property by metes and bounds or lot numbers of a recorded plat including a description of any portion of the property subject to an easement or reservation, if any.
Notes of Decisions
Cited in 46
cases (15 in the last 5 years), 1979–2026 · leading case: Lovejoy v. Diel, 2021-Ohio-1124.
Lovejoy v. Diel, 2021-Ohio-1124. · cites it 23דWe agree, but we find that the Agreement also fails to meet the definition of land installment contract in R.C. 5313.01. We will describe these two statutes, then analyze how they apply to the Agreement.”
Bradford v. B & P Wrecking Co., 872 N.E.2d 331 (Ohio Ct. App. 6th Dist. 2007). · cites it 3דR.C. 5313.01(A). Consequently, vendees do not obtain legal title to the premises immediately; instead, they have only “a possessory equitable interest relative to the amount of the purchase money that has been paid.”
In re Johnson, 75 B.R. 927 (Bankr. N.D. Ohio 1987). · cites it 4דOhio Rev. Code Ann. § 5313.01 (A) (Anderson 1981) (emphasis added).”
In re Kratz, 96 B.R. 127 (Bankr. S.D. Ohio 1988). · cites it 4דOhio Rev.Code Ann. § 5313.01 (Anderson 1981).”
O'Brien v. Ravenswood Apts., Ltd. (In Re Ravenswood Apts., Ltd.), 338 B.R. 307 (B.A.P. 6th Cir. 2006). “See Ohio Rev.Code Ann. § 5313.01(D). The Appellants further assert that the Ohio statute is inapplicable because the 82-unit apartment complex subject to the land installment contract should be viewed as commercial, rather than residential, property.”
City of Cleveland v. Ameriquest Mortg. Sec., Inc., 621 F. Supp. 2d 513 (N.D. Ohio 2009). · cites it 2דThe State of Ohio also has numerous laws that apply to mortgage lending, including *529 the Land Installment Contract Act, Ohio Rev.Code § 5313.01 et seq., the Ohio Mortgage Loan Act, Ohio Rev.”
Flint v. Holbrook, 608 N.E.2d 809 (Ohio Ct. App. 2d Dist. 1992). “A “land installment contract” is defined under R.C. 5313.01 as: “ * * * an executory agreement * * * under which the vendor agrees to convey title in real property * * * to the vendee and the vendee agrees to pay the purchase price in installment payments, while the vendor…”
Basil v. Vincello, 553 N.E.2d 602 (Ohio 1990). “See R.C. 5313.01 et seq. and 5301.25. Smith had an equitable chose in action under contract against Moon.”
In re Sennhenn, 80 B.R. 89 (Bankr. N.D. Ohio 1987). · cites it 2דThe property covered by the land contract is known as 11905 West Lake Road, Vermillion, Ohio.”
Cuyahoga Metro. Hous. Auth. v. Watkins, 491 N.E.2d 701 (Ohio Ct. App. 8th Dist. 1984). · cites it 2ד01 as follows: “ ‘Land installment contract’ means an executory agreement which by its terms is not required to be fully performed by one or more of the parties to the agreement within one year of the date of the agreement and under which the vendor agrees to convey title in…”
Am. Servicing Corp. v. Wannemacher, 2014-Ohio-3984, 19 N.E.3d 566. · cites it 9דR.C. 5313.01(A). {¶18} By contrast, “Ohio courts have defined a ‘lease’ as ‘a conveyance of an estate in real property for a limited term, with conditions attached, in consideration of rent.”
Mishler v. Hale, 2014-Ohio-5805, 26 N.E.3d 1260. “R.C. 5313.01. There is no dispute of fact that there is no written document which verifies Hale’s exercise of his option to purchase the property, either through a new purchase contract or a land contract.”
Lovejoy v. Diel, 2021-Ohio-1124. “We agree, but we find that the Agreement also fails to meet the definition of land installment contract in R.C. 5313.01. We will describe these two statutes, then analyze how they apply to the Agreement.”
Bradford v. B & P Wrecking Co., 872 N.E.2d 331 (Ohio Ct. App. 6th Dist. 2007). “R.C. 5313.01(A). Consequently, vendees do not obtain legal title to the premises immediately; instead, they have only “a possessory equitable interest relative to the amount of the purchase money that has been paid.”
Am. Servicing Corp. v. Wannemacher, 2014-Ohio-3984, 19 N.E.3d 566. “R.C. 5313.01(A). {¶18} By contrast, “Ohio courts have defined a ‘lease’ as ‘a conveyance of an estate in real property for a limited term, with conditions attached, in consideration of rent.”
In re Johnson, 75 B.R. 927 (Bankr. N.D. Ohio 1987). “Ohio Rev. Code Ann. § 5313.01 (A) (Anderson 1981) (emphasis added).”
Ohio Rev. Code § 5313.01(D): 5 cases
O'Brien v. Ravenswood Apts., Ltd. (In Re Ravenswood Apts., Ltd.), 338 B.R. 307 (B.A.P. 6th Cir. 2006). “See Ohio Rev.Code Ann. § 5313.01(D). The Appellants further assert that the Ohio statute is inapplicable because the 82-unit apartment complex subject to the land installment contract should be viewed as commercial, rather than residential, property.”
In re Johnson, 75 B.R. 927 (Bankr. N.D. Ohio 1987). “Ohio Rev. Code Ann. § 5313.01 (A) (Anderson 1981) (emphasis added).”
Lovejoy v. Diel, 2021-Ohio-1124. “We agree, but we find that the Agreement also fails to meet the definition of land installment contract in R.C. 5313.01. We will describe these two statutes, then analyze how they apply to the Agreement.”
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