Ohio Senate Bill 57 passed the House on March 25, 2021. If and when signed by Governor DeWine, it will allow property owners to seek a reduction in their real property taxable value due to COVID related circumstances that existed as of October 1, 2020. That law requires the property owner to plead those circumstances with particularity in the tax reduction complaint. To review Senate Bill 57, click here.
Greatest Change to Ohio Title Law in Decades
Michael J. Sikora III spearheads first change to title cure law in 56 years
Back in 2010, Michael J. Sikora III began spearheading the change to Ohio’s title curative law when he became president of the Ohio Land Title Association. As managing partner of Sikora Law LLC (a law firm focused on real estate) and president of Omni Title LLC (a commercial title agency), he heard multiple clients raise concerns that they faced title issues in Ohio that weren’t issues in other states.
After more than 50 years of stagnation, Ohio’s title curative law was completely overhauled in 2017 when Senate Bill 257 went into effect. This change was seven years in the making, and it marks the most significant change to Ohio title law in decades.
“Anyone who has a real estate deal may be affected, especially if there are any issues with the documents on that deal – which there just are sometimes, but there is no way of knowing without reviewing the title evidence,” Sikora says. “Most significantly, it’s going to affect real estate developers and owners, lenders and title insurance companies, because the more volume and magnitude of real estate deals that you have, the more likely and more significantly you will be affected by this change in the law.”
Sikora drafted the new statute by taking the best attributes of other states’ curative laws. He gained the backing of the Ohio Land Title Association in 2011. Then he took the matter to the Ohio State Bar Association, first getting its Real Property Law Section Council on-board, and then convincing the Ohio State Bar Association as a whole to take the lead advocacy role on the issue. The Ohio Association of Realtors also agreed to support the initiative.
Sikora spent hundreds of hours advancing the bill from inception to passage. He presented expert testimony on behalf of the Ohio State Bar Association before the Ohio Senate and the Ohio House Committees. This is the second Ohio real property statute that Sikora has drafted and served as the Bar Association’s expert witness.
Because of his instrumental role overhauling Ohio’s title curative law, Sikora says his firms are uniquely positioned with the expertise to help real estate owners, developers, brokers, lenders and title insurance companies leverage the new statute to close deals and minimize post-transaction risk.
Omni Title LLC is an independent title agency that serves commercial real estate clients throughout Ohio from offices in Cleveland and Columbus. Omni’s experienced title professionals work closely with developers, transactional attorneys, commercial brokers and lenders to mitigate and eliminate risk through a full range of title and closing services. With extensive title law expertise, talent and technology in place, Omni is structured to complete commercial real estate transactions efficiently, while providing exceptional client service. Since 2004, Omni’s team has resolved thousands of title issues. To learn more, visit www.omnititlellc.com.