Definitions.
Columbus City Codes § 4519.03
in effect4519.03 - Definitions.
The following words, terms, and phrases, when used in this Chapter, shall have the meanings ascribed to them in this section.
A. "Arm's Length Transaction" means a transaction between two parties who are independent and do not have a close relationship with each other. These parties are presumed to have equal bargaining power and are not subject to undue pressure or influence from the other party.
B. "Bona Fide Purchaser" means a person who has purchased an asset for stated value, innocent of any fact which would cast doubt on the right of the seller to have sold it in good faith.
C. "Default" means that the mortgagor has not complied with the terms of the mortgage on the property, or the promissory note, or other evidence of the debt, referred to in the mortgage.
D. "Foreclosure" means the legal process by which a mortgagee, or other lien holder, terminates or attempts to terminate a property owner's equitable right of redemption to obtain legal and equitable title to the real property pledged as security for a debt or the real property subject to the lien. The legal process is not concluded until the property obtained by the mortgagee, lien holder, or their designee, by certificate of title, or any other means, is sold to a non-related bona fide purchaser in an arm's length transaction to satisfy the debt or lien or the foreclosure action has been dismissed.
E. "Mortgagee" means any lender who is party to a mortgage agreement and whose interest in that agreement is secured by a lien on residential property who initiates a foreclosure action on the premises at issue.
F. "Property Manager" means any party designated by the mortgagee/owner as responsible for inspecting, maintaining and securing the property as required in this Chapter.
G. "Registrable Property" means any real property located in the City, whether vacant or occupied, that is subject to an ongoing foreclosure action by the mortgagee or trustee. The designation of a "Registrable Property" shall remain in place until such time as the property is sold to a bona fide purchaser in an arm's length transaction or the foreclosure action has been dismissed.
H. "Registry" means a database of real property records used by the City to allow mortgagees the opportunity to register properties and pay applicable fees as required in this Chapter.
I. "Semi-Annual Registration" means six (6) months from the date of the first action that defines the property as a Registrable Property, and every subsequent six (6) months the property remains a registrable property. The date of the initial registration may be different than the date of the first action that required registration.
(Ord. No. 1997-2024, § 1, 7-15-2024)
Source: City of Columbus, City Codes and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/oh/columbus/codes/code_of_ordinances?nodeId=TIT45HOCO_CH4519REFOPR_4519.03DEFetched: 10/27/2026