Ohio Code 5313.10 – Terminating land installment contract is exclusive remedy
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The election of the vendor to terminate the land installment contract by an action under section 5313.07 or 5313.08 of the Revised Code is an exclusive remedy which bars further action on the contract unless the vendee has paid an amount less than the fair rental value plus deterioration or destruction of the property occasioned by the vendee’s use. In such case the vendor may recover the difference between the amount paid by the vendee on the contract and the fair rental value of the property plus an amount for the deterioration or destruction of the property occasioned by the vendee’s use.
Terms Used In Ohio Code 5313.10
- Contract: A legal written agreement that becomes binding when signed.
- Property: means real and personal property. See Ohio Code 1.59