REAL ESTATE LAW ALERT: Ohio's Amended Curative Statute, R.C. §5301.07, Effective TODAY!
On April 6, 2017, the amendment to Ohio's curative statute, R.C. §5301.07, takes effect. Among other things, this amendment reduces the time period during which a defect in any recorded instrument is cured from 21 years (under the old version of the statute) to 4 years.
Examples of title defects include: (1) the instrument was not properly witnessed; (2) the instrument contained no certificate of acknowledgement; (3) the certificate of acknowledgement was defective in some respect; or (4) the name of the person with an interest in the real property does not appear in the granting clause of the instrument, but the person signed the instrument without limitation. With some limited exceptions, this amendment will apply retroactively.
For buyers and sellers of real property in Ohio and the title insurance companies who underwrite such transactions, this amendment marks a huge victory. For more information on this law or any real property legal issue, contact Attorney Laura L. Volpini at 216.367.5665 or firstname.lastname@example.org.