Effective: April 1, 1986
Latest Legislation: House Bill 344 - 116th General Assembly
Following expiration of the period of time provided in section 5313.05 of the Revised Code, forfeiture of the interest of a vendee in default under a land installment contract shall be initiated by the vendor or by his successor in interest, by serving or causing to be served on the vendee or his successor in interest, if known to the vendor or his successor in interest, a written notice which:
(A) Reasonably identifies the contract and describes the property covered by it;
(B) Specifies the terms and conditions of the contract which have not been complied with;
(C) Notifies the vendee that the contract will stand forfeited unless the vendee performs the terms and conditions of the contract within ten days of the completed service of notice and notifies the vendee to leave the premises.
Such notice shall be served by the vendor or his successor in interest by handing a written copy of the notice to the vendee or his successor in interest in person, or by leaving it at his usual place of abode or at the property which is the subject of the contract or by registered or certified mail by mailing to the last known address of the vendee or his successor in interest.
Structure Ohio Revised Code
Chapter 5313 | Land Installment Contracts
Section 5313.01 | Land Installment Contract Definitions.
Section 5313.02 | Required Provisions of Land Installment Contracts.
Section 5313.03 | Biannual Statements Furnished to Vendee.
Section 5313.04 | Vendee to Enforce Chapter Provisions.
Section 5313.05 | Default of Vendee.
Section 5313.06 | Notice of Forfeiture.
Section 5313.07 | Proceeding for Foreclosure and Judicial Sale.
Section 5313.08 | Action for Forfeiture and Restitution.
Section 5313.09 | Instrument of Cancellation of Land Contract.
Section 5313.10 | Terminating Land Installment Contract Is Exclusive Remedy.