§ 870-01. Definitions.

(a)

For the purposes of this chapter, words and phrases shall have their ordinary meaning unless defined herein.

(b)

"Land Installment Contract" means an executory agreement which by its terms is not required to be fully performed by one or more of the parties to the agreement within one year of the date of the agreement and under which the vendor agrees to convey title in real property located within the city of Cincinnati to the vendee and the vendee agrees to pay the purchase price in installment payments, while the vendor retains title to the property as security for the vendee's obligation.

(c)

"Owner" means any person or person in control, as defined in Cincinnati municipal code section 1123-3-P, who, alone or jointly or severally with others has title of a residential property to be conveyed by land installment contract with or without accompanying actual possession, or has charge, care or control of any residential property to be conveyed by land installment contract as owner or agent of the owner including, but not limited to, trustee, guardian of the estate of the owner, or executor or administrator who with the approval of the probate court has assumed the responsibility of management. Any such person thus representing the actual owner shall be bound to comply with the provisions of this requirement, to the same extent as if he or she were the owner. Mortgagees who have not acquired the property through a foreclosure action or are not in actual possession of the property are not an "owner" for purposes of this chapter.

(d)

"Property" means real property located in the city of Cincinnati improved by virtue of a dwelling having been erected on the real property.

(e)

"Vendee" means the person who acquires an interest in property pursuant to a land installment contract, or any legal successor in interest to that person.

(f)

"Vendor" means any individual, partnership, corporation, association, trust, or any other group of individuals however organized making a sale of property by means of a land installment contract.

(Ordained by Ord. No. 186-2018, § 1, eff. July 27, 2018)