Last week, Gov. Strickland signed into law, House Bill 292, legislation the Ohio Association of REALTORS worked very hard to pass that would prohibit developers, builders, etc. from being able to attach a 99-year private transfer fee covenant to the title of residential or commercial property in Ohio.
Prior to Ohio passing it's law, approximately 25 states have enacted, introduced, or are considering similar legislation this year or in 2011.
OAR worked side-by-side with the Ohio State Bar Association, Ohio Land Title Association and the Ohio Bankers League to pass this very important piece of legislation.
House Bill 292 becomes effective in 90 days.
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