An Ohio property has a PACE (Property Assessed Clean Energy) lien for energy efficiency improvements. The lien is repaid through property tax assessments over 20 years. Under Ohio disclosure law, what must the seller disclose?
Correct Answer
B) The PACE lien, the remaining balance, the annual assessment amount, and its impact on property taxes
A PACE lien is a material encumbrance that increases property taxes and runs with the property. The seller must disclose the lien's existence, the remaining balance, the annual assessment, and how it affects property taxes so the buyer fully understands their financial obligations.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Oh Disclosure Requirements Question
Background Knowledge for Oh Disclosure Requirements
Real World Application in Oh Disclosure Requirements
Common Mistakes to Avoid on Oh Disclosure Requirements Questions
Related Topics & Key Terms
Key Terms:
Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
More Oh Disclosure Requirements Questions
An Ohio property is in a township that has recently enacted a point-of-sale inspection requirement for residential property transfers. The seller was not aware of this new requirement. Under Ohio practice, whose responsibility is it to ensure compliance with local point-of-sale requirements?
An Ohio listing agent receives a home inspection report from the buyer's agent showing significant issues. The listing agent's current listing on the same property expires, and 6 months later, a new agent lists the property. Under Ohio law, does the original listing agent have any obligation regarding the inspection report?
An Ohio property has a private road easement that requires the property owner to share maintenance costs with 4 other property owners. Under Ohio disclosure law, what must the seller disclose?
Jake, an Ohio seller, has a property with a French drain system installed to address yard drainage issues. Under Ohio disclosure law, must Jake disclose the drainage system?
Terry, an Ohio seller, has a property with a water softener installed to treat hard water from the private well. Under Ohio disclosure law, must Terry disclose the water softener and the reason for its installation?
- → Tom, an Ohio seller, asks whether he must disclose that the property has a sump pump in the basement. Under Ohio disclosure practice, which statement is correct?
- → Kevin, an Ohio first-time seller, asks whether he must disclose that his property is connected to the municipal sewer system. Under Ohio disclosure practice, which statement is correct?
- → Nancy, an Ohio buyer, is purchasing a property and asks about environmental assessments. Her agent explains the different phases. Under Ohio environmental practice, what is the purpose of a Phase I Environmental Site Assessment?
- → Sara, an Ohio buyer, asks her agent whether she should conduct an environmental assessment before purchasing a residential property in a suburban neighborhood. Under Ohio practice, when is an environmental assessment typically recommended?
- → Lisa, an Ohio seller, discovers that her property's drinking water has high iron content, causing staining of fixtures. The water is safe to drink but cosmetically unpleasant. Under Ohio disclosure law, must Lisa disclose this?
- → Christine, an Ohio seller, knows her property contains asbestos floor tiles in the basement. The tiles are in good condition and undamaged. Under Ohio disclosure law, must Christine disclose the asbestos?
- → Emily, an Ohio buyer, is purchasing a property near a former landfill. She asks her agent about potential environmental concerns. Under Ohio practice, what should the agent advise?
- → Roger, an Ohio seller, asks his agent whether mold is considered an environmental hazard that must be disclosed. Under Ohio disclosure practice, which statement is correct?
- → Matt, an Ohio first-time seller, asks his agent what an underground storage tank (UST) is and why it matters for disclosure. Under Ohio environmental law, why must USTs be disclosed?
- → Amanda, an Ohio seller, is completing the Residential Property Disclosure Form. The form asks about environmental hazards. Under Ohio law, which of the following must be disclosed if known?