We've added a new feature to our Website!
The button above allows our Buyers to electronically send in their Earnest Money Deposit. This feature will give more flexibility to our clients and enable them to send in their Earnest Money with ease.
Please contact Erieview Title, if you have any questions regarding this new feature.
We are happy to help!
Buying a home is usually the largest single investment one will ever make. When going through the process of buying a home, many types of insurances are purchased. These include insurances such as flood insurance and homeowners insurance. Those protect against loss from floods, fire, theft or wind damage. Title Insurance, however, protects you against the hidden threats in the title of your investment.
When buying a home, you are purchasing the Title to the property, this gives you the right to occupy the land and home. Title Insurance is very important, as it protects against title hazards. This insurance is purchased with a one time premium at the time of closing on the transaction.
There are two basic kinds of Title Insurance to be issued at the time of closing, Lender and Owners.
When you purchase a home using a Financial Institution or Lender, they usually require that a Lender's Title Insurance be issued for the purchase. This is required, just like they may require other types of insurance, to add security for their investment in the property.
Owner's Title Insurance is a coverage that lasts as long as you hold interest in the property. The hazards this protects against will be further highlighted in the next subheading.
When acquiring Title Insurance, the Title Agency works on eliminating risk before Title is even transferred into your name. This will then give the Owner a clear Title.
This process involves a search of the Public Records for the property. The examination will report all possible hazards on Title, to be worked on and cleared. Some issues that may be discovered include:
Deeds, Affidavits, or Trusts that reflect incorrect names or wording
Mortgages that are outstanding
Judgment Liens that may or may not be for the current owner
Property Taxes that are unpaid or delinquent
Incomplete Notary Acknowledgments
The above are the more-so obvious Title Hazards. There are, however, hidden ones that may be brought to the surface after closing- despite the careful and dedicated search. These additional hidden hazards could include the following:
Forged signatures on Deed- this could mean that Title was not technically transferred to the new Owner
Heirs that were unknown or previous owners claiming ownership
Documents that were completed with an expired Power of Attorney
Public Record mistakes
When purchasing Title Insurance, you are purchasing protection against the above hazards- a defense for your investment. The Insurer will pay to defend against the claims and will rectify the situation.
Your home is your most important investment and Title Insurance is extremely important in protecting your investment. Feel free to contact us with any questions you may have regarding the coverage.
Ohio's oldest tax, Real Property Tax, can sometimes be confusing- due to the payments being paid in arrears, as well as different reductions or assessments that may need to be accounted for. In this Month's Newsletter, the breakdown and due dates of Property Taxes will be further explained. All real property owners, who are not specifically exempt, are subject to the real property tax.
In the State of Ohio, property taxes are paid one year in arrears and are paid on a semi- annual plan.
The meaning of "in arrears" is behind with paying money that is owed. Due to the State of Ohio billing taxes one year in arrears, you are paying for the past year's taxes in the current year.
When reviewing a tax bill (shown below), it shows 2019 Taxes, Due and Payable 2020.
A semi-annual plan is when taxes are paid twice a year or half-yearly. Typically, taxes are due and payable on one designated date in the months of January or February (First Half) and in June or July (Second Half). This date is determined by the County around a month before the actual due date.
Below are a list of some of the Counties in Ohio, showing their First Half Due Date.
Cuyahoga County- Due on 01/23/2020
Geauga County- Due on 02/12/2020
Huron County- Due on 02/14/2020
Medina County- Due on 02/14/2020
Lorain County- Due on 02/14/2020
Erie County- Due on 02/14/2020
Ashtabula County- Due on 02/19/2020
Lake County- Due on 02/19/2020
Summit County- Due on 02/21/2020
Stark County- Due on 02/26/2020
Property Taxes are considered late and become delinquent the day after the due date.
There are no discounts for paying Property Taxes early.
Property tax is an ad valorem tax, or tax based on value. The Tax Base is the taxable, assessed, value of the land and improvements (building). This assessed value is 35% of the market value of the property, except for land that is devoted to agricultural use exclusively. The Tax Rates vary by taxing jurisdiction; a combination, unique to the jurisdiction, creates a separate taxing district. This combination is based upon School Districts, Counties, Municipalities, Townships, and Special Service Districts.
Governmental or Private Institutional Organizations' real property may be exempt based on how the property is used, as well as how it is owned. Ohio's Department of Taxation calculates effective tax rates, yearly, based on tax reduction factors. When applying tax reduction factors, real property is divided into two classes. Class I is residential and agricultural property. Class II is considered all other real property.
Homestead Reduction is available to the homesteads of qualifying homeowners, including:
at least 65 years of age
permanently or completely disabled
at least 59 years of age and are the surviving spouse of a deceased taxpayer who previously was receiving the exemption
The Homestead Exemption shields up to $25,000.00 of the taxable value from property taxation of an eligible taxpayer. Additional information regarding Homestead Reduction can be found at tax.Ohio.gov.
Special Assessments may occur on your Tax Bill. These Special Assessments are additional charges to the property taxes to fund a specific project. These Assessments are based on your tax jurisdiction and can be further explained by your County's Auditor Office.
For additional questions or explanations, please feel free to call us at (440) 835.4505.
If you are in need of a current Tax Bill or Copy of Current Vesting Deed, please visit our Tax & Legal page to request those. Requests can also be email to us at docs@erieviewtitle.com.
