No Geese, No Goats

Cincinnati mortgagesNo geese, no goats, no pay -no stay is the simplest way to explain multi-page fine print mortgage documents to today’s real estate buyer.

But chickens may be ok!

Every buyer today who is financing the purchase of a new home or condo signs multiple pages at the closing covering everything from the actual loan to the pages that comprise the actual “mortgage instrument”.  And honestly, very few borrowers ever take time to read through every document.  The good news is that the majority of the documents you sign at closing are designed and regulated by various government agencies.  If you want to review all the documents prior to closing, please tell the lender, title company and agent way ahead so arrangements can get copies well ahead of the closing.

I’ve always told buyers the best way to understand the terms of the mortgage instrument is “no goats, no geese -no pay, no stay”  which, in the simplest terms means follow the local laws, protect and take of the property and make sure to make your mortgage payments.

The goats and geese pun comes from the fact that most neighborhoods and condo complexes don’t allow raising farm animals or any type of livestock however even that seems to be changing as the newest trend “chicken coops” travels throughout greater Cincinnati neighborhoods.  It’s not uncommon to be showing expensive homes in Hyde Park only to walk outside and find a coop in the backyard and a few chickens wandering around.

It’s totally legal and as long as residents follow the rules – you may have a chickens as neighbors.  Each county and/or city and/or township appear to have their own set of rules and this neighborhood-by-neighborhood regulation makes it difficult for buyers to decide where they can buy and raise a few chickens.

Buyers need to research what is allowed in their neighborhood as well as reading the fine print in all the HOA documents before making any decisions about where to buy.  So 2 things to remember before you close on your next home: 1. If you need to like to review all the closing documents (great if you have insomnia) notify everybody so they can provide documentation in a timely manner and 2. No geese, no goats, no pay, no stay pretty much covers the rules of ownership but be careful about counting your eggs before they hatch if you want to raise chickens on your property!