CLEVELAND’S ANTI-FLIPPING ORDINANCE

EFFECTIVE JANUARY 1, 2004

Those of you conducting business in Cleveland may have received a letter
from the Office of Jane Campbell, Mayor of the City of Cleveland.  The
letter described an "anti-flipping" ordinance passed by the city which takes
effect on January 1, 2004.  It appears to require loan originators/lenders
to fill out a Certificate of Disclosure for the sale of every residence in
the City of Cleveland.  The disclosure form contains a section regarding the
condition of the property that must be completed by a city official.  The
form must be filed along with a $60.00 fee.

Compliance with the ordinance begins January 1, 2004.  The disclosure form can be obtained by
contacting the city at 216-664-2826 or by visiting City Hall in Cleveland
(room 517).  It is also available at the City of Cleveland's website:
www.cleveland-oh.gov