Updated: Oct 18, 2022
What is a lot split?
A lot split occurs when an existing Permanent Parcel of land is redrawn into two or more new parcels. These parcels then receive approval and a new Permanent Parcel Number from the County.
Seems simple enough right? Well kind of! Like anything involving real property, certain steps must be taken to achieve this end result and each County is a little different with regards to these steps.
We are going to focus today on Lorain County. The following are steps the seller or owner of the land would need to take.
Lorain County Requirements for Request for Approval for Lot Splits and Legal Descriptions
By using the List (link below) provided by the Community Development Department with Lorain County, the following must occur and can take up to a month for final review and approval.
Two Survey Maps – Seller/Owner collects from the Surveyor (must be original maps (large print) and also 2 copies of a scaled version of the original prints. These maps can be completed by a surveyor who conducts a boundary survey on the land. (Surveyor recommendations provided on request)
Deed(s) – One for the legal description/parcel of land that will remain with the current title holder. Likely a Quit-Claim Deed from current title holder to current title holder.
The other Deed will be the Deed used for the Transfer of the legal description of the parcel of land being sold or conveyed from the current title holder to the new owner, once the purchase transaction is ready to take place. (Erieview Title is happy to assist with the preparation of the deed(s).)
Seller/Owner obtains Access Permit from County Engineers, Health Evaluation Letter from County Health and Erosion & Sediment Control Evaluation from Soil and Water Conservation
a. Permits/Letters can be requested simultaneously from each department to speed up
review and approval
b. Each will require and application to be complete and a Fee (unsure) to be paid.
5. Once approvals from each are received, Seller/Owner will present a Letter of Approval to the Community Development Department.
226 Middle Ave 5th Floor
Elyria OH 44035
P: (440)328.2322
There, all items above will need to be reviewed and approval time with Community Development is around 7 business days.
6. Upon approval, Seller/Owner will bring these items to Tax Maps department for final review and approval. The estimated turnaround time there depends on their workload and busy season times. Plan on 1 to 2 weeks.
7. After all the above is complete, the deeds and new, approved legal descriptions will be ready for transfer and recording with the county once the purchase transaction is ready to file
As always, feel free to call our office with any question regarding Lot Splits in any county! We appreciate you thinking of Erieview Title and love being a resource to you!
Updated: Oct 18, 2022
We've added a new feature to our Website!
This feature provides PDF documentation of the new Tax Rates for 2021, payable 2022. The PDF file is able to be downloaded by selecting the image for the County you wish to view. This will open the PDF document in another tab for the ability to view or download.
As additional County Tax Rates become available, these will be added to the selection.
Please contact Erieview Title, if you have any questions regarding this new feature.
We are happy to help!
What Are Good Funds?
Good Funds are funds that are immediately available upon deposit. These are paid in the form of a certified check, cashier’s check, official bank check, or wire transfer. These types of payments are ones that cannot be stopped by the paying party. When submitting Earnest Money, these are the best types to use to ensure funds are received and can be returned (if need be) in a timely manner. Depending on the types of funds deposited, there may be a waiting period applied before funds can be disbursed or the transaction can close.
What Are Not Good Funds?
ACH Deposits and/or Personal Checks, however, are not considered Good Funds. Since these can be recalled by the payer for a period of time after being submitted, as well as, have a possibility of bouncing due to Non-Sufficient Funds. If Earnest Money is deposited via ACH or Personal Check and is needed to be returned due to circumstances like mutual releases, there is a waiting period of approximately 21 days before these can be distributed. This hold is due to Financial Institutions rule of holding funds for a period of 10-14 business days, typically.
What About for Closing Funds?
Per the Ohio Revised Code Section 1349.21, all funds for closing totaling $10,000.00 or more must be sent via wire transfer. All closing funds must be deposited in the Title
Agency's Escrow Account on or before the day of title transfer. Due to this stipulation, Closing Funds should be wired to ensure no delays in closing.
We encourage all submitting any funds to deposit using a wire transfer. These funds are then immediately available, and the funds have already been verified by the sending bank. However, if you have any questions regarding your specific transaction, please feel free to contact us at (440) 835-4505 or docs@erieviewtitle.com. We are happy to help!