It can be a frustrating experience trying to find a property you want to buy, especially when there's a glut of homes on the market and no clear sign of when the market will rebound. One option is to wait for the market to recover, but what if it never does? This article will explore vacant property registration in Ohio so you can register your property without waiting.
What is Vacant Property Registration?
For a property to be considered vacant, it must meet the following requirements:
-The property must be unoccupied and not in use for its original purpose.
-The property's owner(s) or tenant(s) must have vacated the property without legal cause.
-The property must be placed on the registry of vacant properties.
How Does Vacant Property Registration Work in Ohio?
In Ohio, vacant property registration is handled by the Bureau of Motor Vehicles. The owner must apply and pay a fee to register a property as empty. The application will require information such as the name and address of the property, the type of ownership (i.e., tenant or owner-occupied), and when it was last occupied. Once the application is complete, the BMV will send an invoice to the registered owner. The registered owner has 45 days to pay the invoice or have the property taken off the registry. If payment is not received within 45 days, a lien will be placed on the property, which can be sold at auction.
Who Can Register Properties as Vacant in Ohio?
In Ohio, anyone can register the property as vacant. This includes owners, lessees, tenants, and others. Ohio has no restrictions on who can write the property as blank.
To register the property as vacant in Ohio, you must file a Notice of Vacant Property with the Board of Tax Appeals. The Notice of Vacant Property must include the following information:
The name and address of the property
The date the property was last occupied or used for commercial purposes
The reason the property is being registered as vacant
You Can file the Notice of Vacant Property online or by mail. You must also provide a copy of the deed to the property. The Board of Tax Appeals will send you a certificate of registration that you can use to advertise the property.
What are the Requirements to Register a Property as Vacant in Ohio?
Property owners in Ohio must meet specific requirements to register their property as vacant. These requirements vary depending on whether the property is unoccupied or occupied but unused.
To register a property as vacant, owners must provide the following:
-Proof of ownership, such as a bill of sale or mortgage statement
-A declaration stating that the property is uninhabited and awaiting sale or development
-A description of the proposed use for the property
-An affidavit from an owner or agent stating that they have made reasonable efforts to find a buyer for the property
What Are the Benefits of registering a Property as Vacant in Ohio?
If you consider selling your property, registering it as vacant may be a good idea. Here are some of the benefits:
1. You will likely receive a higher price for your property. Vacant properties often command a premium over dynamic properties because potential buyers know they won't have to compete with others for the property.
2. You may avoid costly repairs or updates to the property that would have to be done if it were occupied. This can save you money in the long run and help keep the property looking more attractive to potential buyers.
3. If you plan on renting out your property, registering it as vacant will make it easier for landlords to find tenants since there won't be any occupied units competing for their attention.
4. If you are considering filing for bankruptcy, vacating your property may protect it from being seized by creditors as part of the bankruptcy process.
Conclusion
It is more important than ever to secure your property in the current market conditions before someone else does. Registration of a vacant property can help prevent squatters from taking up residence on your property and deter potential buyers from making an offer due to the uncertainty of the title. Registering your property with the appropriate county office is a simple process that can help you protect your assets and ensure they are available when you need them most.
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Safeguard Properties, LLC.**
7887 Hub Pkwy
Valley View, OH 44125