You see, our government officials believe that individuals who purchase a home under land contract are stupid, so they really don't know what they're doing when they make such a decision.
Councilman Joe McNamara, who sponsored the ordinance, said the law would protect unsuspecting buyers.
"It's a very bad situation when unscrupulous businesses take advantage of people, take advantage of poor people," Mr. McNamara said.
How condescending! According to this quote, McNamara thinks that only poor people get taken advantage of...
Any home buyer in Ohio can pay for a home to be inspected. But that's not good enough for Toledo politicians. Since some buyers don't take advantage of the ability to have a home inspected, that responsibility now falls the seller of the property, under penalty of law. Additionally, if an inspection shows problems, all the problems must be fixed prior to the closing.
While there is a provision for 'fixer-uppers,' there are only six months to make improvements, which might not be feasible especially in this economy. And you know how many home sales this applies to? Last year, it was 311 or 1.6% of all homes sold in Toledo.
As is usual in Toledo, the city doesn't have the required list of inspectors ready to go...
This is certainly not business friendly. At a time when home sales are in a slump, the City of Toledo just made it more difficult and more costly to sell a home - all to 'protect' its citizens from their own failure to make an informed decision about a major purchase.
I guess in today's nanny state, caveat emptor is no longer applicable and the government will protect us from ever making a mistake - and then will bail us out if we do.