Ohio Code 5311.24 – Exceptions to requirements for written instruments
(A) Sections 5311.25 to 5311.27 of the Revised Code do not apply to any of the following, unless the method of disposing of the condominium property is adopted for the purpose of evading their provisions:
Terms Used In Ohio Code 5311.24
- Agent: means any person who represents a developer or who acts for or on behalf of a developer in selling or offering to sell any ownership interest in a condominium development. See Ohio Code 5311.01
- Condominium: means a form of real property ownership in which a declaration has been filed submitting the property to the condominium form of ownership pursuant to this chapter and under which each owner has an individual ownership interest in a unit with the right to exclusive possession of that unit and an undivided ownership interest with the other unit owners in the common elements of the condominium property. See Ohio Code 5311.01
- Condominium development: means a condominium property in which two or more individual residential or water slip units, together with their undivided interests in the common elements of the property, are offered for sale pursuant to a common promotional plan. See Ohio Code 5311.01
- Condominium ownership interest: means a fee simple estate or a ninety-nine-year leasehold estate, renewable forever, in a unit, together with an appurtenant undivided interest in the common elements. See Ohio Code 5311.01
- Contract: A legal written agreement that becomes binding when signed.
- Developer: includes the declarant of a condominium development and any successor to that declarant who stands in the same relation to the condominium development as the declarant. See Ohio Code 5311.01
- Offer: includes any inducement or solicitation to encourage a person to acquire a condominium ownership interest in a condominium development. See Ohio Code 5311.01
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Property: means real and personal property. See Ohio Code 1.59
- Purchaser: means a person who purchases a condominium ownership interest for consideration pursuant to an agreement for the conveyance or transfer of that interest for consideration. See Ohio Code 5311.01
- state: means the state of Ohio. See Ohio Code 1.59
- United States: includes all the states. See Ohio Code 1.59
- Water slip: means a channel of water between piers or wharves. See Ohio Code 5311.01
(1) The sale of a condominium ownership interest solely for commercial or industrial purposes or uses;
(2) The sale of real estate under or pursuant to court order;
(3) The sale of real estate by the United States, by this state or any political subdivision of this state, or by any of their agencies or instrumentalities;
(4) The sale of condominium ownership interests in individual dwelling units or individual water slip units and in their appurtenant common elements for the account of a person other than a declarant, developer, or agent when the sale is not conducted pursuant to the common promotional plan of the developer for sales in a condominium development.
(B) A sale or offer to sell a condominium ownership interest does not exist when a reservation agreement is entered into that does not legally require a prospective purchaser to purchase a condominium ownership interest and under which the prospective purchaser may relinquish all rights and receive a full refund of all deposits, without penalty, at any time prior to entering into a contract to purchase a condominium ownership interest.